VANCOUVER B.C. - Tower Resources (the "Company") is pleased to announce that it is proceeding with a non-brokered private placement of 1,825,000 shares at $0.40 per share, for total proceeds of $730,000. All securities sold in the private placement will be subject to a 4-month hold period from closing. The non-brokered private placement is subject to the approval of the TSX Venture Exchange. A cash finder's fee of 7% will be paid in conjunction with the offering.
The funds will be used to augment the Company's current exploration budget for the upcoming 2012 field season.
Tower Resources Ltd.
Mark Vanry - Director, CEO & President
(604) 558-2565
www.towerresources.ca
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation. Such statements include, without limitation, statements regarding the proposed use of proceeds and anticipated date of closing. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change, except as required by law. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, the Company's inability to secure subscriptions from investors to complete the proposed financing in whole or in part, a management decision to change the use of proceeds based on changing circumstances, the volatility of metals prices, volatility in the market for the Company's securities and market for equities generally, and other risks associated with mineral exploration. The reader is urged to refer to the Company's public disclosure which is available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.