Silver Spruce Increases and Closes Private Placement of $1,819,500 with a Lead Order from Palisades Goldcorp Ltd.
Silver Spruce Increases and Closes Private Placement of $1,819,500 with a Lead Order from
Palisades Goldcorp Ltd.
August 19, 2020- Bedford, NS - (TSXV:SSE) – Silver Spruce Resources Inc. announced today that it has
increased and closed its private placement announced August 7, 2020. The private placement consisted of
the issuance of 36,390,000 units at a price of $0.05 per unit for proceeds of $1,819,500 with a lead order
from Palisades Goldcorp Ltd . Each unit consisted of one common share and a warrant to purchase an
additional common share at an exercise price of $0.10 per share on or before August 18, 2023.
The securities issued pursuant to the private placement have a hold period expiring December 19, 2020.
Finders fees and commissions were paid on the private placement consisting of cash of $138,275 and
165,000 broker warrants with an exercise price of $.10 per share and an expiry date of August 18, 2023.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Agreements to
acquire 100% of the Melchett Lake Zn -Au-Ag project in northern Ontario and with Colibri Resource
Corp. to acqui re 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Gold project, a
drill-ready precious metal project in Sonora, Mexico. The Company also is pursuing exploration of the
drill-ready and permitted Pino De Plata Ag project in western Chihu ahua, Mexico. Silver Spruce
Resources Inc. continues to investigate opportunities that Management has identified or that have been
presented to the Company for consideration.
About Palisades Goldcorp Ltd.
Palisades Goldcorp is Canada’s new resource focused merchant bank. Palisades’ management team has a
demonstrated track record of making money and is backed by many of the industry’s most notable
financiers. With junior resource equities valued at generatio nal lows, management believes the sector is
on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in
undervalued companies and assets with the goal of generating superior returns.
Contact:
Silver Spruce Resources Inc.
Brian Penney, Chairman and CEO
(902) 430-8270
www.silverspruceresources.com
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.
Notice Regarding Forward-Looking Statements
This news release contains "forward -looking statements," Statements in this press release which are not purely historical are
forward-looking statements and include any statements regarding beliefs, plans, expectations or intenti ons regarding the future,
including but not limited to, statements regarding the private placement.
Media Release
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include,
among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing
on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward -
looking statements, or to update the reasons why actual results could differ from those projected in the forward -looking
statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are
reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.