Tower Resources Announces Appointment of President and CEO and Non-Brokered Private Placement
TSX VENTURE: TWR
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - Tower Resources Ltd. (TSXV: TWR) (OTCQB: TWRFF) ("Tower" or the "Company") is pleased to announce, subject to the approval of the TSX Venture Exchange (the "Exchange"), that Mr. Joe Dhami has been appointed President and Chief Executive Officer and a member of the Board of Directors of the Company.
Mr. Dhami has over 20 years of experience in the capital markets working with portfolio managers, retail brokers and high net worth investors. He is a well respected financial consultant who provides end to end corporate advisory services from the corporate start-up stage through the high growth cycle of a discovery or product launch, with a view to optimizing shareholder value. Companies which achieved success with Mr. Dhami's assistance include Webtech Wireless, a Canadian telematics and location-based service provider that became an industry leader, recognized as one the fastest growing companies that had top line revenue to 35 million, sold product worldwide and was eventually bought by a competitor, and Rainy River Resources, a Canadian based exploration company which discovered an economic gold deposit in northern Ontario and was eventually acquired by a established gold producer which put Rainy River's project into production.
Tower's Chairman of the Board, Mr. Gerald Shields, commented, "We are very pleased to welcome Mr. Dhami as our new CEO. As a longstanding significant shareholder with an extensive knowledge of Tower's assets and potential, and an understanding of the capital markets, he will be a great asset for the Company moving forward."
The Company also announces that it intends to complete a non-brokered private placement (the "Private Placement") of up to 12,500,000 units (each a "Unit") at $0.04 per Unit for gross proceeds of up to $500,000. The Company intends to use the net proceeds from the Private Placement to fund a diamond drill program on its Nechako property and for general working capital purposes.
Each Unit will consist of one (1) common share in the capital of the Company (each a "Common Share") and one-half of one (1/2) transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at price of $0.10 per Common Share until the date which is one (1) year from the date of issuance. The Company may pay certain finders a fee for introducing eligible participants to the Private Placement.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About Tower Resources
Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets are the Rabbit North copper-gold porphyry project located between the New Afton and Highland Valley Copper mines, the Nechako gold project near New Gold's Blackwater project and the More Creek and Voigtberg gold projects in the Golden Triangle area of Northern British Columbia.
On behalf of the Board of Directors, Tower Resources Ltd.
Gerald Shields - Chairman
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the closing of the Private Placement and use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, the Company's ability to close the Private Placement, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.