good newsTORONTO, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce Ridge” or the “Company”) (TSX-V: SHL) announces that further to its press releases dated August 4, 2023 and August 23, 2023, the Company reached a settlement with the former CEO and director which includes a settlement payment of $180,000 plus HST and certain credit card expenses to the former CEO and director, and the transfer from the former CEO and director to the Company of 5 million shares of the Company with a value of $425,000 which shares are to be cancelled. The receivable that was assessed in the annual financial statements for the year ended April 30, 2023 and impaired in the full amount of $631,030 has been recorded as recovered in the financial statements of the Company for the six months ended October 31, 2023. This recovery reflects recognition of the value of the shares cancelled and a reduction in the amount owing equal to the settlement payment. The settlement agreement was made without any admission of liability of any party.