Tower Announces Flow-Through Non-Brokered Financing

Source: www.gulfoilandgas.com 2/25/2021, Location: North America

Tower Resources Ltd. announces that it proposes to issue up to 14,000,000 units (each a "FT Unit") in a flow-through non-brokered private placement at a price of $0.143 per FT Unit for gross proceeds of approximately $2,000,000 (the "FT Offering"). Each FT Unit will consist 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) (each a "FT Common Share") and one (1) transferable common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow-through common share in the capital of the Company (each a "Common Share") at price of $0.22 per Common Share until the date which is twelve (12) months from the date of issuance.

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 carry out exploration programs on Tower's Nechako and Rabbit North properties. The road-accessible Nechako gold property is approximately 30 kilometres northeast of Artemis Gold's Blackwater development project in the Nechako Plateau Region near Vanderhoof, B.C. The Rabbit North project is strategically located 14 km southwest of the producing New Afton copper and gold mine (New Gold Inc.), and 27 km northeast of the producing Highland Valley copper mine (Teck Resources Ltd.), the property is near Kamloops, B.C. and exploration is possible on the road-accessible project year-round.

All securities issued under the FT Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance.

The FT Offering is expected to close on or before March 17, 2021 and is subject to customary closing conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.


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