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Tower Resources ( (TSE:TWR) ) has shared an update.
Tower Resources Ltd. has successfully closed the final tranche of its non-brokered flow-through private placement, raising a total of $2,157,000. The proceeds will primarily fund a 3000-meter diamond drilling program at the Rabbit North property, enhancing the company’s exploration efforts in British Columbia. The issuance of 8,628,000 common shares at $0.25 each, along with the payment of finder’s fees and compensation warrants, signifies a strategic move to bolster Tower’s exploration capabilities and strengthen its position in the mineral exploration industry.
Spark’s Take on TSE:TWR Stock
According to Spark, TipRanks’ AI Analyst, TSE:TWR is a Neutral.
The overall score reflects significant financial challenges, with no revenue and persistent losses weighing heavily. Technical indicators suggest weak momentum, further dampening the outlook. However, recent positive corporate events, such as new resource discoveries, offer some promise for future potential, slightly boosting the score.
To see Spark’s full report on TSE:TWR stock, click here.
More about Tower Resources
Tower Resources is a Canadian-based mineral exploration company focused on discovering and advancing economic mineral projects in the Americas. Its key exploration assets are located in British Columbia, including the Rabbit North orogenic gold and porphyry copper-gold project, the Nechako porphyry-associated gold-silver project, and the More Creek epithermal gold project.
Average Trading Volume: 88,448
Technical Sentiment Signal: Buy
Current Market Cap: C$33.84M
For a thorough assessment of TWR stock, go to TipRanks’ Stock Analysis page.