Tower Announces Closing of Flow-Through Non-Brokered Private Placement

May 06, 2024 5:00 PM EDT | Source: Tower Resources Ltd.

Vancouver, British Columbia--(Newsfile Corp. - May 6, 2024) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") announces it has closed the flow-through portion of its non-brokered private placement for aggregate gross proceeds of $200,000 by issuing 1,538,462 flow-through units (each a "FT Unit") at a price of $0.13 per FT Unit (the "Offering"). Each FT Unit is comprised of one (1) common share in the capital of the Company (each a "Common Share") that qualifies as a "flow-through share" for the purposes of the Income Tax Act (Canada) and one (1) non-transferable Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at $0.18 until May 3, 2026.

The gross proceeds from the Offering will be used for expenditures that qualify as Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), to initiate a spring drill program on the Company's properties.

In connection with the Offering, the Company paid a finder's fee of $12,000 to a qualified non-related party, in accordance with the policies of the TSX Venture Exchange (the "Exchange").

In connection with the Offering, the Company paid $12,000 in finder's fees, equal to 6% of the gross proceeds and issued 92,307 Warrants, equal to 6% of the total number of FT Units sold, by a qualified non-related party, in accordance with the policies of the TSX Venture Exchange (the "Exchange"). Each Warrant entitles the finder to purchase one Common Share at $0.18 until May 3, 2026.

All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring September 4, 2024, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws.

About Tower Resources

Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company's key exploration assets, all in B.C., are the Rabbit North copper-gold porphyry project located between the New Afton copper-gold and Highland Valley copper mines in the Kamloops mining district, the Nechako porphyry-associated gold-silver project near Artemis' Blackwater project and the More Creek epithermal gold project on the critical "red line" structural zone connecting the mineral deposits of the Golden Triangle.

On behalf of the Board of Directors
Tower Resources Ltd.

Joe Dhami, President and CEO
(778) 996-4730

Reader Advisory

This news release contains statements that constitute "forward-looking information," including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "must," "next," "propose," "new," "potential," "prospective," "target," "future," "verge," "favourable," "implications," and "ongoing," and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Without limiting the generality of the foregoing statements, the proposed use of the proceeds of the Offering, is forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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