By Sheri Kasprzak
New York, Oct. 19 - Tower Energy Ltd. said it has negotiated a private placement for C$5 million.
The company plans to sell 6.4 million flow-through shares at C$0.50 each and 4 million units at C$0.45 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.60 each for two years.
Octagon Capital Corp. and Dominick & Dominick Securities Inc. are the placement agents for the offering.
Proceeds from the flow-through shares will be used for Canadian exploration expenses, and the proceeds from the units will be used for working capital and potential acquisitions.
Based in Vancouver, B.C., Tower is an oil and natural gas exploration company.
| Issuer: | Tower Energy Ltd.
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| Issue: | Flow-through shares and units of one share and one half-share warrant
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| Amount: | C$5 million
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| Placement agents: | Octagon Capital Corp., Dominick & Dominick Securities Inc.
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| Pricing date: | Oct. 19
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| Stock price: | C$0.44 at close Oct. 18
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| Flow-through shares
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| Shares: | 6.4 million
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| Price: | C$0.50
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| Warrants: | No
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|
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| Units
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| Units: | 4 million
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| Price: | C$0.45
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60
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