VANCOUVER, BC: The Company is pleased to announce that it has completed a non-brokered private placement of 30,000,000 units at a price of $0.05 per Unit for net proceeds of $1,500,000.00.
Each Unit is comprised of one Common Share and one transferable Share Purchase Warrant, each Warrant entitling the holder to purchase an additional Common Share of the Company at $0.10 up to the close of business in Vancouver, British Columbia on November 2, 2015. The shares forming part of the Units or which may be purchased upon exercise of the warrants forming part of the units are subject to a hold period expiring on March 3, 2011.
Net proceeds from the private placement will be used for acquisitions and general working capital.
TOWER ENERGY LTD.
President & CEO
400 -- 999 W. Hastings Street
Vancouver, BC, Canada V6C 2W2
Tel: (604) 891-3260
Cell: (778) 997-7573
Fax: (604) 677-6276
Neither the TSX Venture Exchange nor its Regulatory Service (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.