Spruce Ridge Resources Ltd. Announces Results of 2023 Annual and Special Meeting of Shareholders

Spruce Ridge Resources Ltd. Announces Results of 2023 Annual and

Special Meeting of Shareholders

TORONTO, November 30, 2023 – Spruce Ridge Resources Ltd., (TSXV: SHL) (“Spruce” or the “Company”)

is pleased to announce the results of its annual and special meeting of shareholders held in Toronto on

November 30, 2023 (the “Meeting”). At the Meeting, shareholders of the Company approved all matters

of business as presented to the shareholders in the management information circular dated October 20,

2023 (the “ Circular”), except a special resolution approving the name change of the Company, and a

special resolution authorizing the board to increase its size by up to one third between shareholder

meetings. The following individuals were re-elected to the board of directors of the Company, being the

same individuals as set out in the Circular: Stephen Balch, J. Birks Bovaird, H. Vance White and Michael

Dehn. The Company is pleased to see continued shareholder support and confidence in the current

management team, and thanks all shareholders who participated in the Meeting.

Contacts:

Steve Balch, President & CEO

Phone: 905.407.9586

Email: [email protected]

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 other 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 related to 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, stock exchanges, and government entities,

management plans and timelines, as well as results of operations, 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 necessarily 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 develop and

successfully implement exploration strategies; general business, economic, competitive, political and

social uncertainties; the lack of available capital; impact of the evolving situation in Ukraine on the

business of the Company; 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.sedarplus.ca. The Company

cannot assure readers that actual results will be consistent with these forward-looking statements.

Readers are cautioned not to place 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.