Tower Announces Closing of $2,000,000 Flow-Through Non-Brokered Financing

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Vancouver, British Columbia–(Newsfile Corp. – March 24, 2021) – Tower Resources Ltd. (TSXV: TWR) (“Tower” or the “Company“) is pleased to announce that the flow-through non-brokered private placement previously announced on February 25, 2021 (the “FT Offering“) has closed. Under the FT Offering, the Company issued 13,986,014 flow-through units (each a “FT Unit“) at a price of $0.143 per FT Unit for gross proceeds of $2,000,000. Each FT Unit was comprised 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 entitles 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 March 24, 2022.

All securities issued under the FT Offering, including securities issuable on exercise thereof, are subject to a hold period expiring July 25, 2021, in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.

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.

About Tower Resources

Tower is a Canadian based mineral exploration company focused on the discovery and advancement of economic mineral projects in the Americas. The Company’s key exploration assets, both in B.C., are the Nechako gold-silver project near Artemis’ Blackwater project and the Rabbit North copper-gold porphyry project located between the New Afton and Highland Valley Copper mines.

On behalf of the Board of Directors

Tower Resources Ltd.
Joe Dhami, President and CEO
(778) 996-4730
www.towerresources.ca

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