Spruce Ridge Announces Closing of Non-Brokered Flow-Through Financing
Spruce Ridge Resources Ltd.
7735 Leslie Road West, Puslinch, ON N0B 2J0
Telephone: (519) 822-5904
PRESS RELEASE 2021 - 07 February 24, 2021
Spruce Ridge Announces Closing of Non-Brokered Flow-Through Financing
Puslinch, ON, February 24, 2021 – Spruce Ridge Resources Ltd. (TSXV: SHL) (“Spruce Ridge” or
the “Company”) announces that it has received approval from the TSX Venture Exchange to close its
non-brokered private placement of flow-through shares (see News Release dated January 11th and January
20, 2021).
The Company will issue 11,546,142 flow-through s hares at $0.14 per share for total proceeds of
$1,616,460. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-
through shares, in accordance with provisions of the Income Tax Act (Canada).
I
n connection with the private placement, the Company will pay $76,994 in finders’ fees and will issue
549,960 finders’ warrants exercisable at $0.14 for 24 months from the date of issue. All securities will
be subject to a four month hold period.
I
n connection with the Offering, a Director of the Company acquired 300,000 flow-through shares
About Spruce Ridge Resources Ltd.
S
pruce Ridge holds a 100% interest in the Great Burnt Copper -Gold Property in Central Newfoundland
which covers a series of copper ± gold rich VMS deposits. Spruce Ridge sold its interest in in the Crawford
Nickel-Cobalt Sulphide project to Canada Nickel Company Inc. but retained ground which contains VMS
and gold targets. Spruce Ridge holds 8,100,000 shares of Canada Nickel Company and 10,000,000 shares
of Noble Mineral Exploration Inc. Spruce Ridge has an option agreement with Magna Terra Minerals
Inc. on its Viking/Kramer gold properties in Western Newfoundland.
C
olin Bowdidge, Ph.D, P.Geo., a "Qualified Person" under National Instrument 43-101 has reviewed and
approved the technical contents of this press release.
S
pruce Ridge common shares trade on the TSX Venture Exchange under the symbol “SHL”.
N
either TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: [email protected]
Forward-Looking Statements
This News Release includes certain "forward-looking statements" which are not comprised of historical facts.
Forward-looking statements include estimates and statements that describe the Company’s future plans,
objectives or goals, including words to the effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”,
“estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions
and address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Although these statements are based on information currently available to the Company, the Company prov ides
no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward-looking information. Forward
looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future
plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration
and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are
not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the
inability to complete a feasibility study which recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous
peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity
markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from estimates and the other risks involved in the
mineral exploration and development industry, an inability to predict and counteract the effects of COVID -19 on
the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities,
capital market conditions, restriction on labour and international travel and supply chains, and those risks set out
in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims
any intention or obligation to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.