of up to $500,000 of Units
2022-11-24 11:09:28 AM ET (ACCESSWIRE)

BEDFORD, NS / ACCESSWIRE / November 24, 2022 / Silver Spruce Resources Inc. (TSXV:SSE)(FRA:S6Q1) ("Silver Spruce" or the "Company") announces that it will undertake a non-brokered private placement financing for up to $500,000 in the form of Units (the "Financing"). Each Unit is comprised of an unsecured note in the principal amount of $10,000 (each, a "Note") and 80,000 common shares of the Company (the "Bonus Shares") at a deemed price of $0.025 per Bonus Share. Notes are non-transferrable, will bear interest at 8% per annum and will mature 18 months from the date of issue. Units will be offered in amounts of $10,000 per Unit.

Finders' fees may be payable on all or a portion of the funds raised under the Financing (the"Finder's Fees").

The Bonus Shares issued pursuant to the Financing will be subject to a four-month hold period from the date of issuance in accordance with applicable securities law.

The Company proposes to use the proceeds of the Financing for exploration on the Company's properties and for general working capital purposes.

The Financing, Bonus Shares and Finder's Fees are subject to the approval of the TSX Venture Exchange.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Definitive Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, 100% interest in the Mystery Au project in the Exploits Subzone Gold Belt, Newfoundland and Labrador, 100% interest in the Pino de Plata Ag project in western Chihuahua, Mexico and up to 50% interest in Colibri Resource's Diamante Au-Ag project in Sonora, Mexico. Silver Spruce recently signed a 50:50 joint venture agreement with Colibri on the Jackie Au project. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.


Silver Spruce Resources Inc.

Michael Kinley, CEO
(902) 402-0388