Silver Spruce Completes First Tranche of Unit Private Placement

Silver Spruce Resources Inc., a resource exploration entity, announced the successful closure of the first tranche of its private placement, which involves units consisting of one common share and a purchase warrant. The company, trading under TSXV:SSE, managed to issue 19,983,333 units at a price of $0.015 each, accumulating proceeds of $299,750. The warrants issued can be exercised at $0.05 per share over the next five years.

No company insiders were involved in this tranche of the private placement; however, potential future participation by insiders in subsequent tranches has not been ruled out. This fundraising effort is set to support exploration work on the company's mineral projects and to boost general working capital. In connection with this transaction, Silver Spruce also paid a finder's fee totaling $2,475.

All securities issued are bound by a statutory hold period of four months and one day, with the entire placement requiring the approval of the TSX Venture Exchange.