|August 23, 2010|
Private Placement of up to $150,000 (non-flow-through)
Bridgewater, Nova Scotia -- August 23, 2010 - Silver Spruce Resources Inc. (TSXV: SSE). Silver Spruce Resources Inc. ("Silver Spruce") is pleased to announce it is arranging a non-brokered private placement to raise gross proceeds of up to $150,000 (the "Offering") on a non-flow through basis.
The Offering shall consist of the issuance of up to 2,500,000 non-flow-through units ("NFT Units") of Silver Spruce. Each NFT Unit shall be offered at a price of $0.06 per NFT Unit and shall consist of one non-flow-through common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.10 per non-flow-through common share for a period of 24 months after the closing of the Offering. Closing is expected next week or before August 31, 2010. No finder's or other fees shall be payable.
The gross proceeds raised from the issuance of the NFT Units shall be used for general exploration expenditures on Silver Spruce's Mexico project and for general corporate purposes.
All securities issued in connection with the Offering shall be 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. This offering is in addition to the $400,000 flow-through offering announced on August 16, 2010.
ABOUT SILVER SPRUCE RESOURCES INC.
Silver Spruce is a junior exploration company originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With interests in more than 7,000 claims totaling more than 1,750 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. The company also has gold/silver projects in Mexico and the island of Newfoundland, and has recently acquired a number of REE projects, close to roads, in Labrador, making 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.
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