Tower Resources Financing
Tower Resources Ltd., Corporation just filed form D announcing $1.71 million equity financing. This is a new filing. Tower Resources was able to fundraise $3,936 so far. That is 0.23% of the round of financing. The total offering amount was $1.71 million. The financing document was filed on 2016-10-11. The reason for the financing was: The additional $1,702,868 may be received upon the exercise of share purchase warrants sold inside and outside the U.S. U.S. dollar amount is based on the Bank of Canada noon rate of exchange reported on September 16, 2016, which was Cdn$1.3213 =US$1.00.. The fundraising still has about $1.70 million more and is not closed yet. We have to wait more to see if the offering will be fully taken.
Tower Resources is based in British Columbia – Canada. The firm’s business is not disclosed. The form was filed by Mark Vanry President, CEO and Director. The company was incorporated more than five years ago. The filler’s address is: 912 – 1112 West Pender Street, Vancouver, A1, British Columbia, Canada, V6e 4J6. Mark Vanry is the related person in the form and it has address: 912 – 1112 West Pender Street, Vancouver, A1, British Columbia, Canada, V6e 4J6. Link to Tower Resources Filing: 000168616116000001.
Analysis of Tower Resources Offering
On average, startups in the not disclosed sector, sell 67.77% of the total offering amount. Tower Resources sold 0.23% of the offering. The fundraising is still open. The average investment floor size for companies in all industries in our database is $3.05 million. The offering was 99.87% smaller than the average of $3.05 million. Of course this should not be taken as negative. Startups get financed for a variety of reasons and needs. The minimum investment for this offering was set at $0. If you know more about the reasons for the fundraising, please comment below.
What is Form D? What It Is Used For
Form D disclosures could be used to track and understand better your competitors. The information in Form D is usually highly confidential for ventures and startups and they don’t like revealing it. This is because it reveals amount raised or planned to be raised as well as reasons for the financing. This could help competitors. Entrepreneurs usually want to keep their financing a ‘secret’ so they can stay in stealth mode for longer.
Why Fundraising Reporting Is Good For Tower Resources Also
The Form D signed by Mark Vanry might help Tower Resources Ltd.’s sector. First, it helps potential customers feel more safe to deal with a firm that is well financed. The odds are higher that it will stay in the business. Second, this could attract other investors such as venture-capital firms, funds and angels. Third, positive PR effects could even bring leasing firms and venture lenders.
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