Closing
of private placement for an additional $88,645
December 31, 2010 - Bridgewater,
NS - Silver Spruce Resources Inc. (TSXV: SSE) announced yesterday it
closed late last week its previously announced non-brokered private
placement raising gross proceeds of $1,790,610 (the "Original
Offering"). Silver Spruce is now pleased to announce it has
closed an additional tranche of the Original Offering in the amount of
$88,645 (the "Second Closing"), bringing the gross proceeds
raised as part of the Original Offering to $1,879,255.
MineralFields Group
was the only subscriber to the Second Closing and purchased 521,441
flow-through units ("FT Units") of Silver Spruce on the same
terms as disclosed in the Original Offering yesterday.
In connection with the Second
Offering, a finder's fees was paid with the
issuance of 18,250 finder's warrants having the same terms as disclosed
in the Original Offering yesterday and a cash finder's fee of
$6,205.15.
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 2010 taxation year.
All securities issued in
connection with the Offering shall be subject to a four-month hold period
in accordance with applicable securities requirements. The Original
Offering and the Second Closing are subject to fulfillment of the
requirements of the TSX Venture Exchange.
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:
About MineralFields,
Pathway and First Canadian Securities �
MineralFields Group (a division of Pathway Asset Management),
based in Toronto, Vancouver Montreal and Calgary, is a mining fund with
significant assets under administration that offers its tax-advantaged
super flow-through limited partnerships to investors throughout Canada as
well as hard-dollar resource limited partnerships to investors throughout
the world. Pathway Asset Management also specializes in the manufacturing
and distribution of structured products and mutual funds (including the Pathway
Multi Series Funds Inc. corporate-class mutual fund series). Information
about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities � (a division of
Limited Market Dealer Inc.) is active in leading resource financings
(both flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, and offers investment banking,
mergers and acquisitions, and mining industry consulting, services to
resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas exploration
companies to date through First Canadian Securities �.
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
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