Tower Resources Ltd. ("Tower" or the "Company") announces it has closed the flow-through portion of its non-brokered private placement for aggregate gross proceeds of $200,000 by issuing 1,538,462 flow-through units (each a "FT Unit") at a price of $0.13 per FT Unit (the "Offering"). Each FT Unit is comprised of one (1) common share in the capital of the Company (each a "Common Share") that qualifies as a "flow-through share" for the purposes of the Income Tax Act (Canada) and one (1) non-transferable Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at $0.18 until May 3, 2026.
The gross 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 initiate a spring drill program on the Company's properties.
In connection with the Offering, the Company paid a finder's fee of $12,000 to a qualified non-related party, in accordance with the policies of the TSX Venture Exchange (the "Exchange").
In connection with the Offering, the Company paid $12,000 in finder's fees, equal to 6% of the gross proceeds and issued 92,307 Warrants, equal to 6% of the total number of FT Units sold, by a qualified non-related party, in accordance with the policies of the TSX Venture Exchange (the "Exchange"). Each Warrant entitles the finder to purchase one Common Share at $0.18 until May 3, 2026.
All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring September 4, 2024, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws.
