Tower Announces $500,000 Non-Brokered Private Placement

In This Article:

Vancouver, British Columbia--(Newsfile Corp. - April 24, 2024) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") announces it intends to complete a non-brokered private placement, comprised of a flow-through offering (the "FT Offering") and a non-flow through offering (the "Unit Offering"), for aggregate gross proceeds of $500,000 (the "Offering").

Under the Unit Offering, the Company will issue up to 3,000,000 units (each a "Unit") at a price of $0.10 per Unit for gross proceeds of up to $300,000. Each Unit is comprised of one (1) common share in the capital of the Company (each a "Common Share") and one (1) non-transferable Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one (1) Common Share at a price of $0.18 for a period of two (2) years from the date of issuance.

Under the FT Offering, the Company will issue up to 1,538,462 flow-through units (each a "FT Unit") at a price of $0.13 per FT Unit for gross proceeds of up to $200,000. Each FT Unit is comprised 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) and one (1) non-transferable Warrant. Each Warrant entitles the holder to purchase one Common Share at $0.18 for a period of two (2) years from the date of issuance.

The Company intends to use the net proceeds from the Unit Offering for general working capital. 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 initiate a spring drill program on the Company's properties.

In connection with the Offering, the Company may pay a finder's fee to qualified non-related parties, in accordance with the policies of the TSX Venture Exchange (the "Exchange").

All securities issued under the Offering, including securities issuable on exercise thereof, will be subject to a hold period expiring 4 months and 1 day after issuance, 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.