|September 03, 2010|
Private placement of up to $400,000 - Amendment
Bridgewater, Nova Scotia -- September 3, 2010 - Silver Spruce Resources Inc. (TSXV: SSE) ("Silver Spruce") announced on August 16, 2010 it was arranging a non-brokered private placement to raise gross proceeds of up to $400,000 (the "Original Offering").
The Original Offering consisted of the issuance of up to 5,714,286 flow-through units ("FT Units") of Silver Spruce, with each FT Unit offered at a price of $0.07 per FT Unit, consisting of one flow-through common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.12 per common share if exercised within 12 months of the closing of the Original Offering and $0.15 per common share if exercised thereafter up until 24 months after the closing of the Original Offering.
The Original Offering has been amended to reflect the issuance of up to 6,666,667 FT Units of Silver Spruce, with each FT Unit offered at a price of $0.06 per FT Unit, consisting of one flow-through common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.12 per common share if exercised within 24 months of the closing of this revised offering.
The remaining terms of the Original Offering remain unchanged.
ABOUT SILVER SPRUCE
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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