12:51:10 EDT Sun 05 May 2024
Enter Symbol
or Name
USA
CA



Tower Resources Ltd
Symbol TWR
Shares Issued 145,000,000
Close 2024-04-23 C$ 0.095
Market Cap C$ 13,775,000
Recent Sedar Documents

Tower Resources arranges $500,000 private placement

2024-04-24 12:38 ET - News Release

Mr. Joe Dhami reports

TOWER ANNOUNCES $500,000 NON-BROKERED PRIVATE PLACEMENT

Tower Resources Ltd. intends to complete a non-brokered private placement, comprising a flow-through offering and a non-flow-through offering, for aggregate gross proceeds of $500,000.

Under the unit offering, the company will issue up to three million units at a price of 10 cents per unit for gross proceeds of up to $300,000. Each unit comprises one common share in the capital of the company and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 18 cents for a period of two years from the date of issuance.

Under the flow-through offering, the company will issue up to 1,538,462 flow-through units at a price of 13 cents per flow-through unit for gross proceeds of up to $200,000. Each flow-through unit comprises 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 warrant. Each warrant entitles the holder to purchase one common share at 18 cents for a period of two 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 flow-through 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 may pay finders' fee to qualified non-related parties, 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, 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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