Tower Announces Non-Brokered Private Placement of up to $1.720 Million

About this update from Tower Resources Ltd.

Vancouver, British Columbia--(Newsfile Corp. - June 16, 2026) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") announces it intends to complete a non-brokered private placement (the "Offering") consisting of up to 6,000,000 flow-through common shares (the "FT Shares") at a price of $0.18 per FT Share and up to 4,000,000 units (the "Units") at a price of $0.16 per Unit for aggregate gross proceeds of up to $1,720,000. Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.25 for a period of 12 months from the date of issuance. The gross proceeds from the sale of the FT Shares will be used to incur eligible Canadian Exploration Expenses that qualify as "flow-through mining expenditures" within the meaning of the Income Tax Act (Canada). The Company intends to use the flow-through proceeds, to advance exploration of its Rabbit North gold project in British Columbia. Planned activities include diamond drilling, geological modelling, interpretation of alteration and mineralization patterns, integration of downhole and surface geophysical datasets, target generation activities, and LiDAR and/or induced polarization ("IP") surveys designed to improve targeting efficiency and support future drilling campaigns. The remaining proceeds from the sale of the Units will be used for general working capital and corporate purposes. The Company may pay finder's fees in connection with the Offering to eligible arm's-length parties in accordance with the policies of the TSX Venture Exchange (the "TSXV"). Such finder's fees may consist of a cash commission equal to up to 6% of the gross proceeds raised from subscribers introduced by the finder and finder's warrants equal to up to 6% of the securities sold to such subscribers. Each finder's warrant will be exercisable into one common share of the Company at a price of $0.16 for a period of 12 months from the date of issuance. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws. C...

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