By Sheri Kasprzak
New York, Sept. 9 - Tower Energy Ltd. said it has closed a private placement for C$1,534,159.
The company sold 5,479,142 units at C$0.28 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.35 each for one year.
The offering will be funded in four tranches with the first incorporating 2,657,142 units to 25 investors, the second for 750,000 units to five investors, the third for 1,537,000 units to 37 investors and the last for 535,000 units to 10 investors.
Based in Vancouver, B.C., Tower is an oil and natural gas exploration company.
| Issuer: | Tower Energy Ltd.
|
| Issue: | Units of one share and one warrant
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| Amount: | C$1,534,159
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| Units: | 5,479,142
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| Price: | C$0.28
|
| Warrants: | One warrant per unit
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| Warrant expiration: | One year
|
| Warrant strike price: | C$0.35
|
| Settlement date: | Sept. 8
|
| Stock price: | C$0.435 at close Sept. 8
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