Silver Spruce Resources Inc. Announces Close of $739,250 First Tranche of Non-Brokered Private Placement and Extension

Executive Summary

• Silver Spruce Resources closed the first tranche of its non‑brokered private placement, issuing 3,696,250 units at CAD $0.20 each for gross proceeds of $739,250.
• Each unit consists of one common share and one warrant to purchase an additional share at $0.30 for up to four years; finder compensation includes a cash commission of $39,560 and 197,800 finder's warrants.
• The company plans to close the second and final tranche by May 4 2026 and will use the proceeds for mineral exploration projects and general working capital.

Key Details

• Units Issued (First Tranche): 3,696,250 units @ CAD $0.20 per unit → Gross proceeds: $739,250.
• Unit Composition: 1 common share + 1 warrant (exercise price $0.30, exercisable for 4 years).
• Finder Compensation:
• Cash commission: $39,560 (paid to eligible finders).
• Finder’s warrants: 197,800 warrants @ $0.30 exercise price, exercisable for 48 months from closing.
• Statutory Hold Period: All securities issued are subject to a four‑month‑plus‑one‑day hold period under applicable securities laws.
• Related Party Subscription: Insiders subscribed for 233,750 units (≈ 6.3% of the tranche), qualifying as a “related party transaction” under MI 61‑101; exemptions from valuation and minority‑shareholder approval were relied upon.
• Use of Proceeds: Exploration of existing mineral projects (Pino de Plata Ag, Jackie Au‑Ag, Melchett Lake VMS) and general working capital.
• Closing Timeline: First tranche closed April 1 2026; second and final tranche expected on or before May 4 2026, subject to regulatory approvals including TSXV clearance.

Notable Quotes

(No executive quotes were included in the release.)