Jennings Capital raises funds for exploration, general working capital
By Devika Patel
Knoxville, Tenn., Nov. 19 - Tower Resources Ltd. said it has arranged a C$2 million private placement of units with a C$250,000 greenshoe. Jennings Capital Inc. will conduct the offering on a best-efforts basis.
The company will sell units of one common share and one half-share warrant at C$0.28 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.32 per unit.
Each whole two-year warrant will be exercisable at C$0.40, a 25% premium to the Nov. 16 closing share price of C$0.32.
Settlement is expected Dec. 6.
Proceeds will be used for exploration on the JD, Baez and Waterloo properties as well as for general working capital.
The Vancouver, B.C., company explores for diamonds, gold and silver.
| Issuer: | Tower Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$2 million
|
| Greenshoe: | C$250,000
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Jennings Capital Inc.
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 6
|
| Stock symbol: | TSX Venture: TWR
|
| Stock price: | C$0.32 at close Nov. 16
|
| Market capitalization: | C$7.49 million
|
|
|
| Units
|
| Price: | C$0.28
|
|
|
| Flow-through units
|
| Price: | C$0.32
|
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