09:01:06 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Tower Resources Ltd
Symbol TWR
Shares Issued 142,346,805
Close 2023-06-29 C$ 0.12
Market Cap C$ 17,081,617
Recent Sedar Documents

Tower Resources arranges $450,000 private placement

2023-06-29 16:17 ET - News Release

Mr. Joe Dhami reports

TOWER ANNOUNCES PROPOSED FLOW-THROUGH FINANCING

Tower Resources Ltd. intends to complete a non-brokered flow-through private placement for aggregate gross proceeds of up to $450,000. Under the offering, the company will issue flow-through units at a price of 16 cents per FT unit. Each FT unit consists of 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 non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one non-flow-through common share in the capital of the company at price of 32 cents per common share for a period of 24 months from the date of issuance. The 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 carry out exploration programs on the company's Canadian properties.

In connection with the offering, the company may pay finders' fees equal to 6 per cent of the gross proceeds from the offering and finder warrants equal to 6 per cent of the total number of FT units sold by an eligible finder under the offering, each finder warrant entitling the holder to purchase one common share at a price of 16 cents for a period of 24 months from the date of issuance, in accordance with the policies of the TSX Venture Exchange.

All securities issued under the offering, including securities issuable on exercise thereof, will be subject to a hold period expiring four months and one day after issuance, 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, both 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 and the Nechako gold-silver project near Artemis's Blackwater project.

We seek Safe Harbor.

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