Tower closes US$792K flow-through tranche for BC gold exploration
What's the deal? Tower ResourcesDealroom has a profile for this one. Try Dealroom → (TSXV: TWR) has closed the flow-through tranche of a non-brokered private placement, raising US$792K through the issuance of 6,000,001 flow-through common shares at $0.18 each. The Vancouver-based mineral exploration company announced the closing on July 7, 2026.
What's the endgame? Tower plans to use the proceeds to advance its 100%-owned Rabbit North gold project in British Columbia's Kamloops Mining Division. Planned work includes diamond drilling, geological modelling, and LiDAR and induced polarisation surveys to sharpen drill targeting.
Why now? The funds qualify as flow-through mining expenditures under Canada's Income Tax Act, letting investors claim tax deductions on eligible Canadian exploration expenses. Tower paid finders US$41.9K cash commission and 360,000 warrants, each exercisable at $0.16 until July 3, 2027.
What's next? Tower expects to close the next tranche of the offering on or around July 17, 2026, subject to TSX Venture Exchange approval. Shares from the flow-through tranche carry a statutory hold period expiring November 4, 2026.
The signal: Junior miners are leaning on flow-through financing — a tax-advantaged structure — to fund early-stage exploration in a capital-tight market. For Tower, the quick move to a second tranche suggests steady demand as it builds a case for future drilling at Rabbit North.
Read more: StreetInsider
Image credit: D-Stanley
