Silver Spruce Launches $500,000 Private Placement

Silver Spruce Resources Inc., headquartered in Bedford, NS, announced a significant private placement initiative aiming to raise up to $500,000. The company plans to offer 33,333,334 units at a price point of $0.015 each. This financial maneuver is designed to bolster the exploration of the company's mineral projects and support its general working capital requirements.

Each unit offered in this private placement comprises one common share and one warrant. These warrants permit the purchase of an additional common share at a fixed price of $0.05 over a five-year period post-issuance. Silver Spruce has also outlined that a standard hold period will apply to all securities issued during this placement, extending four months and one day from the date of issue, adhering to prevailing securities legislation.

The company has stated that finder's fees will be paid in alignment with the policies set by the TSX Venture Exchange. Additionally, it was mentioned that insiders might partake in this private placement, though the extent of such participation remains undetermined.

Completion of the private placement is contingent upon receiving approval from the TSX Venture Exchange, a necessary step for the advancement of this fundraising effort. This financial strategy underscores Silver Spruce’s commitment to advancing its exploration activities and strengthening its operational capacity.