|May 25, 2009|
Silver Spruce Raises $315,000 in Flow Through Funds
May 25, 2009 - Bridgewater, NS - Silver Spruce Resources Inc. ("Silver Spruce") is pleased to announce it has now completed its previously announced non -brokered private placement, raising gross proceeds in the amount of $315,000 (the "Offering"). No finders' fees were paid.
The Offering consisted of the issuance of 3,150,000 flow-through units ("FT Units") of Silver Spruce. Each FT Unit was offered at a price of $0.10 per FT Unit and consisted of one flow-through common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.15 per non-flow through common share for a period of 18 months following the closing of the Offering. Silver Spruce has not paid any commission in respect of the Offering.
The gross proceeds raised from the issuance of the FT Units shall be used for general exploration expenditures on Silver Spruce's Newfoundland and Labrador projects, which shall constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and shall be renounced for the 2009 taxation year.
All securities issued in connection with the Offering are subject to a four-month hold period in accordance with applicable securities requirements. The Offering is subject to fulfillment of the requirements of the TSX Venture Exchange. Upon closing of the placement, the Corporation has 52,026,007 issued and outstanding common shares.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada and gold/silver in Mexico. With interests in more than 12,000 claims totaling more than 3,000 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. The exposure to gold/silver opportunities in Mexico and base metals in central Newfoundland and Labrador gives the company diversification without losing its uranium focus. Strong financial backing makes Silver Spruce a leading explorer in Canada and Mexico.
For Further Information Contact:
SILVER SPRUCE RESOURCES
Gordon Barnhill, CFO & Director
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Corporation seeks Safe Harbour.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION VIA U.S. NEWSWIRE
You can view the Next News item: Tue May 26, 2009, Silver Spruce Begins Exploration on the 20th Brook Lead/Zinc Property Western Newfoundland
You can view the Previous News item: Tue May 5, 2009, Silver Spruce Reports Results of 2008 Uranium Exploration Double Mer (DM) and Straits (ST) Properties, Labrador
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