Tower Resources closes $3.33M financing

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By CPE News

Vancouver (pcJ News Briefs) – Tower Resources Ltd. (TSX-V: TWR) has completed its private placement of 23,022,231 units at $0.145 per unit for gross proceeds of $3,338,223.50. The financing was increased from the original $3.2 million to accommodate over-subscriptions

Sandstorm Gold Ltd. (NYSE MKT: SAND) subscribed for 3,448,276 units, bringing Sandstorm’s investment, including its royalty investment, to $1 million.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles to holder to purchase an additional common share at a price of $0.22 per common share until April 6, 2022.

In connection with the private placement, Tower Resources paid finder’s fees of $139,562 and 963,120 warrants to Canaccord Capital Corporation and $17,762 and 122,500 warrants to Fort Capital Partners.

Tower Resources Ltd. is a junior mineral exploration company focused on the discovery and advancement of economic mineral properties, primarily in British Columbia. The company’s key exploration assets are Rabbit North, Nechako Gold and More Creek.

photo credit: Tower Resources