|November 07, 2005|
HALIFAX, NS, CANADA - November 7, 2005 - Silver Spruce Resources Inc. (the "Corporation") (TSX-V: SSE) wishes to announce its intention to enter into a nonbrokered private placement. The placement offering will be for up to 5,000,000 units of the Corporation at a subscription price of $0.20 per unit for total proceeds of up to $1,000,000. Each unit will be comprised of one common share of the Corporation and one share purchase warrant. Each share purchase warrant will be exercisable at $0.30 per common share and the share purchase warrant must be exercised within 24 months of closing. The initial closing is scheduled for November 30, 2005 with the offering period terminating on November 30, 2005.
This non-brokered private placement will be completed in compliance with the policies of the TSX Venture Exchange and the net proceeds will be utilized for working capital and the implementation of the Corporation's Labrador projects. A finder's fee will be paid in accordance to TSX Venture Exchange policies with this transaction.
The Corporation is not proceeding with any previously announced flow-through offerings at this time pursuant to its release dated August 23, 2005.
On behalf of the Board of the Corporation, Gordon Barnhill Telephone: (902) 527-5700, Fax: (902) 527-5711.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
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