Tower Announces Issuance of Equity Incentives

Rhea-AI Summary

Tower Resources Ltd. approves grant of 2.6M incentive stock options.

Positive

• The grant of 2.6M incentive stock options could positively impact the stock price as it provides an opportunity for officers, directors, employees, and consultants to acquire common shares in the company at a fixed price of $0.12 per option until October 19, 2028.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 19, 2023) - Tower Resources Ltd. (TSXV: TWR) ("Tower" or the "Company") has approved, subject to acceptance by the TSX Venture Exchange, the grant of 2,600,000 incentive stock options (the "Options") to acquire common shares in the capital of the Company (each a "Common Share"). 1,800,000 of the Options were granted to officers and directors and the remainder to employees and consultants of the Company. The Options are non-transferable and exercisable until October 19, 2028, at $0.12 per Option, subject to vesting provisions, with one-third vesting on the date of grant and one-third vesting ever anniversary thereafter.

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, all in B.C., are the Rabbit North copper-gold porphyry project located between the New Afton copper-gold and Highland Valley copper mines in the Kamloops mining district, the Nechako porphyry-associated gold-silver project near Artemis' Blackwater project and the More Creek epithermal gold project on the critical "red line" structural zone connecting the mineral deposits of the Golden Triangle.

On behalf of the Board of Directors
Tower Resources Ltd.

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

Reader Advisory

This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184602

FAQ

What did Tower Resources Ltd. approve?

Tower Resources Ltd. approved the grant of 2.6M incentive stock options.

Who were the options granted to?

1.8M of the options were granted to officers and directors, while the remainder were granted to employees and consultants of the company.

What is the exercise price of the options?

The options have an exercise price of $0.12 per option.

What are the vesting provisions for the options?

The options have vesting provisions, with one-third vesting on the date of grant and one-third vesting every anniversary thereafter.

Until when can the options be exercised?

The options can be exercised until October 19, 2028.