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Tower Resources Ltd
Symbol TWR
Shares Issued 155,797,767
Close 2024-12-09 C$ 0.11
Market Cap C$ 17,137,754
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Tower Resources closes $800,000 private placement

2024-12-09 20:02 ET - News Release

Mr. Joe Dhami reports

TOWER ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Tower Resources Ltd. has closed a non-brokered flow-through private placement offering for aggregate gross proceeds of $800,000. Under the offering, the company issued 5,333,334 flow-through units (each, a FT unit) at a price of 15 cents per FT unit. Each FT unit comprised one 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-half of one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at 25 cents until Dec. 9, 2026. The company intends to use the gross proceeds from the offering for expenditures which qualify as Canadian exploration expenses, within the meaning of the Income Tax Act (Canada), to run drill programs on its properties. In connection with the offering, the company paid a finder's fee in cash of $48,000, equal to 6 per cent of the gross proceeds raised, and issued 320,000 warrants, equal to 6 per cent of the total number of FT units sold, to a qualified non-related party, in accordance with the policies of the TSX Venture Exchange. All securities issued under the offering, including securities issuable on exercise thereof, are subject to a hold period expiring April 10, 2025, in accordance with the rules and policies of the exchange and applicable Canadian securities laws.

About Tower Resources Ltd.

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 British Columbia, 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's Blackwater project and the More Creek epithermal gold project on the critical "red line" structural zone connecting the mineral deposits of the Golden Triangle.

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