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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (265)	12/12/2012 12:15:59 PM
From: Goose94	Read Replies (3) \| Respond to of 203019

Tower Resources (TWR-V) closes $1.76-million private placement Dec 6, 2012 - News Release Tower Resources Ltd., further to its news release of Nov. 19, 2012, has completed its private placement offering of flow-through units of the company at a price of 32 cents per FT unit and non-flow-through units of the company at a price of 28 cents per NFT unit. Under the offering, the company sold an aggregate of 5,501,375 FT units for gross proceeds of $1,760,440, of which 4,897,500 FT units were sold on a brokered basis on behalf of the company by its agent, Jennings Capital Inc., pursuant to the terms of an agency agreement. The balance of the FT units were sold by the company on a non-brokered basis. The company did not sell any NFT units under the offering. Each FT unit consisted of one common share of the company designated as a flow-through share for the purposes of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire an additional common share of the company at a price of 40 cents per share for a period of 24 months expiring Dec. 6, 2014. As compensation, Jennings received a cash commission equal to 7 per cent of the gross proceeds of the brokered portion of the offering, as well as agent's warrants to acquire an aggregate of 342,825 common shares of the company, being 7 per cent of number of FT units sold under the brokered portion of the offering. Each agent's warrant is exercisable at a price of 32 cents per share for a period of 24 months expiring Dec. 6, 2014. In addition, the company paid a cash finder's fee of $5,264 to a finder who assisted the company in locating certain purchasers of FT units, which were sold on a non-brokered basis. The net proceeds from the offering will be used for exploration on the company's JD, Baez and Waterloo properties. All of the securities issued under the offering are subject to a statutory hold period until April 7, 2013, in accordance with applicable Canadian securities laws. We seek Safe Harbor.