Silver Spruce Resources Inc. Announces Closing of $976,000 Non-Brokered Private Placement

Executive Summary

• Silver Spruce Resources Inc. closed a non‑brokered private placement raising $976,000 in gross proceeds.
• The offering consisted of 976,000 units at $0.10 per unit, each unit containing one common share and one warrant exercisable at $0.15 for three years.
• Net proceeds will be allocated to exploration activities on the company’s mineral projects and general working capital.

Key Details

• Units Issued: 976,000 units @ $0.10 per unit → $97,600 gross proceeds from unit sales.
• Total Gross Proceeds: $976,000 (including warrant component).
• Warrant Terms: Each unit includes one common share purchase warrant; exercise price $0.15, exercisable for three years from closing.
• Statutory Hold Period: Shares and warrants subject to hold until May 17, 2026.
• Finder Compensation: Paid $22,440 in finder fees; issued 224,400 finder warrants (exercise price $0.15, three‑year term, same hold period).
• Use of Proceeds: Funding for exploration of existing mineral projects and general working capital.
• Regulatory Condition: Closing subject to final approval by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were included in the release.)