Tower Announces Final Tranche Closing of Non-Brokered Flow-Through Private Placement
Executive Summary
- Tower Resources closed the final tranche of its flow‑through non‑brokered private placement, raising up to $2.157 million in aggregate gross proceeds.
- The company issued 8,628,000 common shares at $0.25 per share, with the final tranche consisting of 6,228,000 shares for $1.557 million in gross proceeds.
- Net proceeds are earmarked for Canadian Exploration Expenses, primarily to fund a 3,000‑metre diamond drilling program on the Rabbit North property.
Key Details
- Offering Structure:
- Total shares issued: 8,628,000 common shares (flow‑through).
- Price per share: $0.25.
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Aggregate gross proceeds target: up to $2,157,000.
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Final Tranche Specifics:
- Shares issued in final tranche: 6,228,000 common shares.
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Gross proceeds from final tranche: $1,557,000.
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Finder’s Fees & Warrants:
- Cash finder’s fees paid: $92,100 (6% of gross proceeds).
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Compensation warrants issued: 368,400 warrants exercisable at $0.25, equal to 6% of the total shares sold to a qualified non‑related party; exercise deadline = Oct 30 2026.
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Hold Period:
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All securities from the first tranche (including any exercised securities) are subject to a hold period expiring March 3 2026 per TSX Venture Exchange rules and Canadian securities law.
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Use of Proceeds:
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Net proceeds will be allocated to Canadian Exploration Expenses, chiefly a 3,000‑metre diamond drilling program on the Rabbit North gold‑copper project in British Columbia.
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Corporate Information (excluded from analysis): Boilerplate about the company, forward‑looking disclaimer, and contact details have been omitted per instructions.