Tower Announces First Tranche Closing of Non-Brokered Flow-Through Private Placement

Executive Summary

• Tower Resources closed the first tranche of its flow‑through non‑brokered private placement, raising up to $2 million; $600 k was received in this tranche from the issuance of 2.4 M common shares at $0.25 each.
• Net proceeds are earmarked for Canadian Exploration Expenses, principally a 3,000‑m diamond drilling program on the Rabbit North property.
• The transaction included a $36 k finder’s fee and the issuance of 144 k compensation warrants (exercisable at $0.25) representing 6 % of the shares sold; all securities are subject to a hold period until Feb 15 2026.

Key Details

• Offering Structure: Up to 8,000,000 common shares at $0.25 per share (flow‑through shares).
• First Tranche Issuance: 2,400,000 common shares sold for gross proceeds of $600,000.
• Gross Proceeds Target: Up to $2,000,000 if the full tranche is completed.
• Finder’s Fee: $36,000 paid in cash (6 % of gross proceeds).
• Compensation Warrants: 144,000 warrants issued, exercisable at $0.25 until Oct 14 2026, equal to 6 % of the shares sold to a qualified non‑related party.
• Hold Period: All securities (including those issuable on warrant exercise) subject to hold period expiring Feb 15 2026 per TSX Venture Exchange rules.
• Use of Proceeds: To fund Canadian Exploration Expenses, primarily a 3,000‑meter diamond drilling program at the Rabbit North gold‑copper project in British Columbia.

Notable Quotes

(No direct quotes were provided in the release.)