Spruce Ridge Comments on John Ryan Press Release
Spruce Ridge Comments on John Ryan Press Release
Toronto, Ontario – August 23, 2023 – Spruce Ridge Resources Ltd. (“Spruce Ridge” or the
“Company”) (TSX-V: SHL) announces that further to its press release dated August 4, 2023, upon taking
control of the Company's records in August of 2022, current management was notified of funds owed to
the Company by the former president and CEO , John Ryan. The amount owing has not been repaid and
current management does not believe the funds were advanced for legitimat e business purposes. The
receivable was assessed in the annual financial statements for the year ended April 30, 2023, and was
impaired in the full amount of $631,030. The Company has commenced legal proceedings for recovery of
the receivable.
Mr. Ryan has commenced a counterclaim in respect of these matters and has disseminated a press release
enclosed hereto as Schedule “A”. The Company maintains that it will be pursuing the full extent of its legal
claims against Mr. Ryan . The Company intends to defend against Mr. Ryan’s counterclaim, and further
announcements will be made.
Cautionary Statement:
Neither 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
news release. No stock exchange, securities commission or ot her regulatory authority has approved or
disapproved the information contained herein.
This news release contains statements that constitute “forward -looking statements”. Forward -looking
statements are statements that are not historical facts and include, but are not limited to, disclosure regarding
possible events, that are based on assumptions and courses of action, and in certain cases, can be identified
by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”
and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur, or
the negative forms of any of these words and other similar expressions. Forward-looking statements include
statements and information regarding the anticipated progression of ongoing litigation with the former
President and CEO, the ultimate collection of amounts owing by the former President and CEO, the future
plans for the Company, and other forward-looking information. Forward-looking statements are based on
various assumptions including with respect to the anticipated actions of securities regulators, management
plans and timelines , performance, business prospects and opportunities. Although the forward -looking
statements contained in this news release are based upon what management of the Company believes are
reasonable assumptions on the date of this news release, such assumptions may prove to be incorrect.
Forward-looking statements involve known and unknown risks and uncertainties, they should not be read
as guarantees of future performance or results, and they will not ne cessarily be accurate indications of
whether or not such results will be achieved. A number of factors could cause actual results, performance
or achievements to differ materially from the results discussed in the forward-looking statements, including,
but not limited to: an inability to collect the amounts owing by the former President and CEO; an award in
favour of all or part of counterclaim made by the form President and CEO and litigation risk generally; an
inability to develop and successfully impleme nt exploration strategies ; general business, economic,
competitive, political and social uncertainties; the lack of available capital; and other risks detailed from
time-to-time in the Company’s ongoing filings with securities regulatory authorities, which filings can be
found at www.sedar.com. The Company cannot assure readers that actual results will be consistent with
these forward-looking statements. Readers are cautioned not to plac e undue reliance on forward -looking
statements in this press release. These forward -looking statements are made as of the date of this news
release and the Company disclaims any intent or obligation to update any forward -looking statement,
whether as a result of new information, future events or otherwise, unless otherwise required by law.
Contacts:
Steve Balch, President & CEO (interim)
Phone: 905.407.9586
Email: [email protected]
Schedule “A”
JOHN RYAN DEFENDS AND COUNTERCLAIMS AGAINST SPRUCE RIDGE
RESOURCES
Toronto, ON - August 14, 2023 - John Ryan, former CEO and President of Spruce Ridge Resources
Ltd. (TSX -V:SHL) (“SRR”) who holds appro ximately 12% of SRR’s common shares, releases
additional material information that was omitted from SRR’s August 4, 2023, news release.
While SRR correctly indicated that there is a dispute between SRR and Mr. Ryan, it failed to include
the following material facts:
• Mr. Ryan has defended SRR’s action and denies all allegations against him, including that any
receivable is owing; and
• Mr. Ryan has counterclaimed against SRR and interim CEO Stephen Balch for, among other
things, oppression, defamation, and other wrongdoing culminating in his forced resignation.
Mr. Ryan is vigorously pursuing his counterclaim, which neither SRR nor Mr. Balch has yet defended.
For more information, contact:
Alexis Beale Kushneryk
Morgan LLP (647) 317-1526, x3
Counsel to Mr. Ryan