Silver Spruce Announces Closing of Private Placement of Units

Silver Spruce Resources Inc. has successfully closed its previously announced private placement of units. Each unit consists of one common share and one common share purchase warrant, priced at $0.015 per unit. Warrants are exercisable at $0.05 for a period of five years from issuance.

The company issued 19,983,333 units in the first tranche and 3,917,000 units in the final tranche, raising gross proceeds of $358,505. One insider contributed to the final tranche with 2,000,000 units. The proceeds will be used for mineral project exploration and general working capital. Finder's fees of $2,475 were paid in connection with the first tranche.

All securities issued are subject to a statutory hold period expiring four months and one day from issuance. The private placement's approval is pending from the TSX Venture Exchange.