Tower Resources Ltd. announced a non-brokered private placement of 2,812,500 flow-through units at a price of CAD 0.16 per unit for gross proceeds of CAD 450,000 on June 29, 2023. Each flow-through unit will consist of one flow-through common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one non-flow-through common share at price of CAD 0.32 per common share until the date which is 24 months from the date of issuance.

All securities issued under the transaction, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance. In connection with the transaction, the Company may pay finder’s fees equal to 6% of the gross proceeds from the transaction and finder warrants equal to 6% of the total number of FT Units sold by an eligible finder under the transaction, each Finder Warrant entitling the holder to purchase one common Share at a price of CAD 0.16 for a period of 24 months from the date of issuance, in accordance with the policies of the TSX Venture Exchange.