Silver Spruce Announces Closing of First Tranche of Private Placement of Units

BEDFORD, NS / ACCESSWIRE / May 14, 2024 / Silver Spruce Resources Inc. (the "Company") (TSXV:SSE) is pleased to announce that it has closed the first tranche of its previously announced private placement ("Private Placement") of units ("Units") with each Unit consisting of one common share of the Company and one common share purchase warrant (each, a "Warrant") at a purchase price of $0.015 per Unit. Each Warrant is exercisable into one common share at an exercise price of $0.05 per share for a period of five years from the date of the issuance of the Warrants.

The Company issued 19,983,333 Units for aggregate proceeds of $299,750 in a first tranche of the Private Placement and no insiders participated in the first tranche. Insiders may participate in the next tranche of the Private Placement but the extent of insider participation, if any, has not yet been determined.

The proceeds from the first tranche of the Private Placement will be used for exploration of the Company's mineral projects and general working capital. The Company paid cash finder's fees of $2,475 to one finder in connection with the first tranche.

All securities issued in connection with the first tranche of the Private Placement are subject to a statutory hold period expiring four months and one day from issuance. The Private Placement is subject to the approval of the TSX Venture Exchange.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a Canadian junior exploration company holding 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and has signed Definitive Agreements to acquire 100% interest in the Mystery Au project near recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp. among others in the Exploits Gold Belt, Newfoundland and Labrador, 100% interest in the Pino de Plata Ag project located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico and up to 50% interest in Colibri Resource's Diamante Au-Ag project located from 5 kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit in Sonora, Mexico. Silver Spruce also has a 50:50 joint venture agreement with Colibri on the nearby Jackie Au project. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.