Silver Spruce Provides Details of Definitive Agreement to Transfer Kay Mine
Silver Spruce Provides Details of Definitive Agreement to Transfer Kay
Mine
November 16, 2018 - Bridgewater, NS - (TSXV:SSE) – Silver Spruce Resources Inc. ("Silver Spruce" or
the "Company") is providing more details on the terms of the Definitive Agreement to transfer the Kay
Mine project to Croesus Gold Corp., a private company that intends to go public on a Canadian stock
exchange. Both companies have agreed to close the transaction within forty-five days.
The terms of the transaction are as follows:
1. Croesus will assume the US$460,000 debt provided to the Company to satisfy its original purchase
of the patented claims at the project, along with its interest payment in arrears, and
2. By the closing, the Company will transfer the patented land and its unpatented claims to Croesus to
receive the balance of CDN$50,000, after the Company’s portion of the closing costs are applied
from the CDN$50,000, and
3. Within six months of closing, and the anno uncement by Croesus of a public listing, the Company
will receive CDN$100,000 cash payment from Croesus and CDN$250,000 worth of Croesus
shares upon its listing on a public stock exchange.
“This transaction is integral with Management’s plan to consolidat e the Company’s shares and reduce its
debt. Together, with its current financing, the Company will focus on advancing the fully -permitted drill
program at Pino de Plata project in Mexico,” stated Karl Boltz, CEO of Silver Spruce.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing exploration and
development of the Pino De Plata epithermal silver/base metal/ gold project located in the prolific Sierra
Madre Occidental region of western Chihuahua State in Mexico.
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
Toll Free: (866) 641-3397
www.silverspruceresources.com