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Silver Spruce Announces First Closing Private Placement for $117,250

Bedford, NS- July 27, 2022 – (TSXV:SSE) – Silver Spruce Resources Inc. (the “Company”) announced today a first closing of its private placement of up to $300,000. The first closing of the private placement consisted of the issuance of 4,690,000 units at a price of $0.025 per unit for gross proceeds of up to $117,250. Each unit consisted of one common share and a warrant to purchase an additional common share at an exercise price of $0.05 per share on or before July 26, 2025.

Finder’s fees of $3,225 were paid on the first closing of the private placement. The securities issued pursuant to the first closing of the private placement have a hold period expiring November 27, 2022.

The Company will complete second and final closing of the private placement by August 18, 2022.

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, and with Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Au project, and up to 50% interest in each of Colibri’s Jackie Au and Diamante Au-Ag projects. Silver Spruce has signed Definitive Agreements to acquire 100% interest in the Mystery Au project in the Exploits Subzone Gold Belt, Newfoundland and Labrador, and the Pino de Plata Ag project in western Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.

Contact:

Silver Spruce Resources Inc.
Michael Kinley, CEO
(902) 402-0388
[email protected]
[email protected]

www.silverspruceresources.com

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