Silver Spruce Closes First Tranche of Financing
Silver Spruce Closes First Tranche of Financing
January 6, 2020 - Bridgewater, NS - (TSXV:SSE) – Silver Spruce Resources Inc. ("Silver Spruce"
or the "Company") is pleased to announce the closing of the first tranche of its non -brokered
financing, on December 31, 2019. The Company has issued 4,750,000 units at $0.05 per u nit for
gross proceeds of $237, 500. Each unit consisted of one common share and one, full, two -year
warrant, exercisable at $0.075 into one common share. All units acquired pursuant to the private
placement, and shares which may be acquired upon the exercise of the warrants, are subject t o a
four month hold period in accordance with applicable securities legislation. A finder’s fee was
paid to an arm’s-length independent consultant.
A portion of this tranche of the Private Placement constitutes a Related Party Transaction. Kevin
O’Connor, Director of the Company, purchased 250,000 units in this tranche. The Company is
relying on the exemption from Related Party Transaction minority vote and valuation requirements
on the basis of exemptions set o ut in section 5.5(a) and 5.7(a) of MI 61 -101 as the fair market
value of the participation in the Offering by insiders does not exceed 25% of the market
capitalization of the Issuer.
Net proceeds will be used to conduct exploration activities , and for gene ral corporate and
administrative requirements.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a well-positioned, Canadian junior exploration company pursuing
the exploration and development of the Melchett Lake VMS project in Ontario, Canada, and the
Pino de Plata epithermal silver/base metal/ gold project located in the prolific Sie rra Madre
Occidental region of western Chihuahua State, Mexico. Silver Spruce Resources Inc. continues to
investigate opportuni ties that Management has identified or that have been presented to the
Company for consideration.
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
release. The company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
(866) 641-3397
www.silverspruceresources.com
Media Release