Silver Spruce closes $976,000 private placement

Executive Summary

• Silver Spruce Resources Inc. has closed a non-brokered private placement raising gross proceeds of $976,000.
• The company issued 976,000 units at $0.10 per unit, with each unit consisting of one common share and one common share purchase warrant.
• Net proceeds are designated for the exploration of mineral projects and general working capital, pending final approval from the TSX Venture Exchange.

Key Details

• Gross Proceeds: $976,000
• Issue Price: $0.10 per unit
• Units Issued: 976,000 units
• Unit Composition: Each unit comprises one common share and one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.15 per warrant share
  • Duration: Three years from the closing of the offering
  • Hold Period: Statutory hold period expiring on May 17, 2026
• Finder Fees: $22,440 paid in cash
• Finder Warrants: 224,400 finder warrants issued to eligible arm's-length finders
  • Exercise Price: $0.15 per common share
  • Duration: Three years following the closing of the offering
  • Hold Period: Statutory hold period expiring on May 17, 2026
• Use of Proceeds: Exploration of the corporation's mineral projects and general working capital purposes
• Regulatory Status: Subject to final approval of the TSX Venture Exchange

Notable Quotes

• None provided in the text.