Tower Announces Flow-Through Non-Brokered Financing

Vancouver, British Columbia--(Newsfile Corp. - February 25, 2021) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") announces that it proposes to issue up to 14,000,000 units (each a "FT Unit") in a flow-through non-brokered private placement at a price of $0.143 per FT Unit for gross proceeds of approximately $2,000,000 (the "FT Offering"). Each FT Unit will consist of one (1) common share in the capital of the Company that qualifies as a "flow-through share" for the purposes of the Income Tax Act (Canada) (each a "FT Common Share") and one (1) transferable common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow-through common share in the capital of the Company (each a "Common Share") at price of $0.22 per Common Share until the date which is twelve (12) months from the date of issuance.

The gross proceeds from the FT Offering will be used for expenditures which qualify as Canadian Exploration Expenses within the meaning of the Income Tax Act (Canada), to carry out exploration programs on Tower's Nechako and Rabbit North properties. The road-accessible Nechako gold property is approximately 30 kilometres northeast of Artemis Gold's Blackwater development project in the Nechako Plateau Region near Vanderhoof, B.C. The Rabbit North project is strategically located 14 km southwest of the producing New Afton copper and gold mine (New Gold Inc.), and 27 km northeast of the producing Highland Valley copper mine (Teck Resources Ltd.), the property is near Kamloops, B.C. and exploration is possible on the road-accessible project year-round.

All securities issued under the FT Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance.

The FT Offering is expected to close on or before March 17, 2021 and is subject to customary closing conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

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, both in B.C., are the Nechako gold-silver project near Artemis' Blackwater project and the Rabbit North copper-gold porphyry project located between the New Afton and Highland Valley Copper mines.

On behalf of the Board of Directors

Tower Resources Ltd.
Joe Dhami, President and CEO
(778) 996-4730
www.towerresources.ca

Reader Advisory

This news release may contain statements which 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" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements 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 in the forward-looking statements 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 or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such 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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75462

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