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Silver Spruce Resources Inc.

Published : December 05th, 2012

Announces Extension of Non=2Dbrokered Private Placement of Super Flow=2DThrough and Non=2D Flow=2DT

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Keywords :   Bridgewater | Canada | Gold | Rare Earth | Silver | Uranium |

Silver Spruce Resources Inc. Announces Extension of Non-brokered Private Placement of Super Flow-Through and Non- Flow-Through Units

Spruce Resources Inc. (TSXV: SSE) ("Silver Spruce") is extending the closing date of the proposed, non-brokered, flow-through and non flow-through private placement of up to a combined 20,000,000 units for gross proceeds of $1,000,000 (the "Offering").  The closing date of the private placement is now scheduled for December 28, 2012.  
�The reason for the extension is the unprecedented selling pressure generated by one of our major shareholders since the announcement of the proposed financing which has reduced the stock price below the price of the private placement.  It appears that most of the institutional selling has been completed and it is hoped, since our project portfolio hasn�t changed, that the market will better reflect the share value that the management and directors of Silver Spruce believe is there and the financing can be completed at the price indicated.   The majority of our shareholders have trusted us enough to buy our shares well above the current market price, on the strength of our property portfolio that has improved over the last year,� said Peter Dimmell, President and CEO of Silver Spruce.  �We have an obligation to them to explore all options before we make any changes to the current offering, including joint venture opportunities�. 

Each flow-through unit (collectively, "Super FT Units") of Silver Spruce will meet the criteria under the Mineral Exploration Tax Credit as �Super Flow-Through� and will be offered at a price of $0.05 per Super FT Unit.   Each Super FT Unit will consist of one flow-through common share and one half of one common share purchase warrant. The warrants will expire three years after the closing of the Offering, with each whole warrant exercisable prior to such date for one common share at a price of $0.10 per common share during the first eighteen months after issuance and $0.20 per common share thereafter.

Each non flow-through unit (the �NFT Units�) of Silver Spruce will be offered at a price of $0.05 per NFT Unit, and consist of one common share and one full share purchase warrant. The warrants will expire three years after the closing of the Offering, with each warrant exercisable prior to such date for one common share at a price of $0.10 per common share during the first eighteen months after issuance and $0.20 per common share thereafter.

A finder's fee may be paid on the Offering of up to 7% of the proceeds of the Offering, payable in cash or through the issuance of common shares valued at $0.05 per common share.

The proceeds raised from the issuance of the FT units will be used for exploration expenditures on Silver Spruce's Newfoundland and Labrador projects, mainly the Big Easy gold/silver property.  The proceeds from the NFT Units will be used as working capital and for exploration if required.   All Super Flow Through shares issued shall constitute Canadian exploration expenses as defined in the Income Tax Act (Canada) and shall be renounced for the 2012 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 Offering is subject to fulfillment of the requirements of the TSX Venture Exchange.

About Silver Spruce Resources Inc.
Silver Spruce is a diversified junior exploration company with a portfolio of gold/silver (Big Easy), uranium (Snegamook, A7 (Fishhawk Lake), Double Mer, Mount Benedict, CMBJV) and rare earth (Pope�s Hill, Pope�s Hill JV (with Great Western Minerals Group), MRT, RWM and the Straits) projects in Newfoundland and Labrador.   With interests in more than 4,000 claims totalling more than 1,000 square kilometres in Labrador, Silver Spruce is one of the largest landholders in one of the world's premier emerging uranium and rare earth districts.   . For additional information please visit the company�s website -
Forward-Looking Statements
This news release contains forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Such forward-looking statements reflect Silver Spruce�s views with respect to future events (including the completion of the Offering and the intended use of proceeds) and there can be no assurances that such statements will prove to be accurate. There may be factors (such as, ability to obtain regulatory approvals or results of current exploration) that cause actions, events or results not to be as anticipated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Silver Spruce disclaims any intent or obligation to update any forward-looking statement.

Companies Mentionned : Aura Minerals |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Silver Spruce Resources Inc.

ISIN : CA8282291043
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Silver Spruce Res. is an exploration gold company based in Canada.

Silver Spruce Res. holds various exploration projects in Canada.


Silver Spruce Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 4.1 millions as of today (US$ 3.1 millions, € 2.8 millions).

Its stock quote reached its highest recent level on February 11, 2011 at CA$ 3.60, and its lowest recent point on October 24, 2014 at CA$ 0.01.

Silver Spruce Res. has 31 163 053 shares outstanding.

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Financings of Silver Spruce Resources Inc.
4/9/2015Announces Private Placement
12/5/2012Announces Extension of Non=2Dbrokered Private Placement of ...
11/30/2012Announces Extension of Non-Brokered Private Placement of Sup...
10/22/2012Announces Non=2Dbrokered Private Placement of Super Flow=2DT...
12/31/2010Closing of private placement for an additional $88,645
12/30/2010Closing of private placement for $1,790,610
12/7/2010Private placement of up to $2,000,000 flow-through units and...
9/9/2010Closing of Private Placements for $550,000
9/3/2010Private placement of up to $400,000 - Amendment
8/23/2010Private placement of up to $150,000 (non-flow-through)
12/31/2009Closing of private placements for $1,015,000 with MineralFie...
12/16/2009Private placement of up to $260,000 (non-flow-through)
12/14/2009Private placement of up to $700,000
5/25/2009Raises $315,000 in Flow Through Funds
4/24/2009To Raise Up To $315,000 In Flow Through Funds
Option Grants of Silver Spruce Resources Inc.
1/19/2011Grant of 2.000.000 Stock Options at 30c to directors and emp...
5/3/2010Grant of Stock Options
2/12/2009Announces Stock Options
Project news of Silver Spruce Resources Inc.
1/16/2015(Big Easy)Encouraged by High Silver Values in "Classic" Quartz Adulari...
9/26/2013Cub Energy Inc. Reports Increased Share Ownership by its Lar...
2/28/2013(Big Easy)Reports Preliminary Mineralogical Results from the Big Easy ...
1/4/2013(Big Easy)Reports on the Airborne Magnetic=2FVLF=2DEM Survey and Diamo...
10/18/2012(Big Easy)Completes Airborne Survey and Receives Check Assays for the ...
9/18/2012(Big Easy)s Exploration and Research Activity on the Big Easy Gold=2FS...
9/18/2012(Big Easy)s Exploration and Research Activity on the Big Easy Gold/Sil...
9/13/2011(Central Mineral Belt)on Exploration on the MRT REE and CMBJV Uranium Projects, La...
4/8/2011(Big Easy)Reports on Ongoing Diamond Drilling Program, Big Easy Gold/S...
3/30/2011(Big Easy)Reports on Start of Diamond Drilling Road accessible, Big Ea...
3/29/2011(Popes's Hill)Reports on Diamond Drilli
2/17/2011Options U/ REE property on the Pope's Hill Trend Trans Labra...
2/8/2011(Popes's Hill)Begins Drill Program on P
1/29/2011(Popes's Hill)Acquisition of Extension Claims and Planned Diamond Drilling...
12/31/2010(Popes's Hill)Completion of Ground Geophysical Survey
11/30/2010Reports Acquisition of Ex
11/25/2010(Popes's Hill)to Commence Ground Geophysical Surveys Pope's Hill REE Pro...
10/14/2010(Big Easy)Updates Fall Exploration: Big Easy, Rambler South, Popes Hil...
2/23/2010(Centauro)Results for Northeast Area - 2nd Phase Drill Program
12/1/2009(Central Mineral Belt)New Uranium zones discovered on CMBJV
9/15/2009(Calvin Landing)Exploration Results Newfoundland Gold and Base Metal Propert...
9/10/2009(Centauro)Provides Updates on Newfoundland and Mexico Gold Exploration...
7/7/2009(Centauro)2nd Phase Drill Program Planned - Centauro Project, Chihuahu...
6/26/2009(Brook)Reports On Geochemical Results 20th Brook Lead/Zinc Property...
5/5/2009(Double Mer)Reports Results of 2008 Uranium Exploration Double Mer (DM) ...
4/16/2009(Central Mineral Belt)Reports Results of 2008 Regional Exploration Central Mineral...
1/20/2009(Centauro)Final Drill Results Received from Centauro Project
1/13/2009(Calvin Landing)Options Gold Prospect – Central Newfoundland
12/18/2008(Hudson Bay)and Azimut Report Results - Hudson Bay Project, Nunavik, Que...
12/9/2008(Centauro)Significant Gold / Silver Intersections at Centauro Project
8/12/2008(Snegamook)Discovers New Uranium Zone on Snegamook Property
6/17/2008(Central Mineral Belt)Update on Drilling - Mount Benedict Property, Central Minera...
6/5/2008(Central Newfoundland (cnl))Reports Altered / Mineralized Felsic Volcanics – CNL Propert...
5/13/2008(Centauro) Drilling Begins on the Centauro Gold-Silver Property, Chihu...
4/24/2008(Snegamook) Encounters Wide Zones of Uranium Mineralization on Snegamoo...
2/27/2008(Centauro)Anomalous Gold, Silver and Mercury in Soils on Centauro Prop...
2/12/2008(Snegamook)Three drills working on Snegamook Property; Camp constructio...
1/8/2008(Snegamook)2008 Winter Program Begins on Snegamook and Mount Benedict P...
Corporate news of Silver Spruce Resources Inc.
7/13/2016Silver Spruce Resources Inc. Announces Non Brokered Private ...
6/8/2016IIROC Trading Resumption - SSE
6/8/2016IIROC Trading Halt - SSE
4/21/2016Silver Spruce Resources Inc Announces Closing of Non --Broke...
4/20/2016Silver Spruce Resources Inc Announces Closing of Non-Brokere...
3/21/2016Silver Spruce Resources Reports Board of Director Changes
3/3/2016Silver Spruce Advises New Revised Terms for Pino de Plata Pr...
3/2/2016Silver Spruce Resources Inc Announces Closing of Non-Brokere...
1/18/2016Silver Spruce Resources Announces Shares for Debt Settlement
1/15/2016Silver Spruce Resources Announces Shares for Debt Settlement
12/10/2015Silver Spruce Announces Extension to Purchase Agreement For ...
12/10/2015Silver Spruce Finalizes Purchase Agreement for Pino de Plata...
12/7/2015Silver Spruce Announces Extension to Purchase Agreement for ...
11/10/2015Silver Spruce Finalizes Purchase Agreement for Pino de Plata...
11/5/2015Silver Spruce Withdraws September Private Placement and File...
9/28/2015IIROC Trading Resumption - SSE
9/28/2015Silver Spruce Announces Non-Brokered Private Placement
9/28/2015IIROC Trading Halt - SSE
9/17/2015Silver Spruce Contracts Pilot Communications for Investor Re...
8/12/2015Silver Spruce Files Maiden NI 43-101 Report on Pino de Plata...
7/3/2015Silver Spruce Resources Announces Shares for Debt Settlement
6/29/2015Silver Spruce Resources Reports Additions to Its Board and A...
6/18/2015Silver Spruce Clarifies Terms of Letter of Agreement (LOA) a...
6/18/2015Silver Spruce Signs Letter of Agreement to Purchase Epitherm...
6/9/2015Silver Spruce Resources Inc. Announces Closing of Non-Broker...
6/1/2015Silver Spruce Resources Bi-Weekly Filing Update - Year End F...
6/1/2015Bi-Weekly Filing Update - Year End Financials Filed
5/20/2015Silver Spruce Resources Bi-Weekly Filing Update
5/20/2015Bi-Weekly Filing Update
5/6/2015Silver Spruce Resources Bi-Weekly Filing Update
4/22/2015Silver Spruce Resources Bi-Weekly Filing Update
4/9/2015Silver Spruce Resources Inc. Announces Private Placement
4/8/2015Silver Spruce Resources Bi-Weekly Filing Update
3/25/2015Bi-Weekly Filing Update
3/25/2015Silver Spruce Resources Bi-Weekly Filing Update
3/12/2015Silver Spruce Resources Announcement
2/26/2015Reports Management Changes
2/26/2015Silver Spruce Resources Reports Management Changes
1/16/2015Silver Spruce Encouraged by High Silver Values in "Classic" ...
11/7/2014Silver Spruce Resources Closes Private Placement and Begins ...
10/30/2014Silver Spruce Resources Completes Consolidation and Closes F...
9/26/2014Silver Spruce Resources Inc. Plans Consolidation and Private...
5/29/2014Silver Spruce Reports on AGM Results and Exploration Plans a...
9/26/2013(Big Easy)Reports on Independent Assessment of its Big Easy Epithermal...
4/19/2013Reports on Results of AGM Vote and Internal Loan
12/11/2012(Big Easy)Reports ET Zone Extension on the Big Easy Gold=2FSilver Prop...
11/15/2012Provides Update on Recent Developments
8/28/2012(Central Mineral Belt)Reports on Central Mineral Belt=2C Labrador Uranium Holdings
4/12/2012Announces Non-brokered
9/16/2011Announces Review Process on Uranium Moratorium
8/31/2011Reports Continued Signifi
8/9/2011Reports More Significant
5/3/2011(Big Easy)Discovers Significant Gold/Silver Mineralization, Big Easy P...
2/22/2011s Drill Progress an
2/14/2011Renews Contract with Ascenta Capital Partners Inc. for Inves...
10/21/2010Reports Results of Channel Sampling Krissy Trend - Rambler S...
9/30/2010Reports on REE / U Properties in Labrador
9/14/2010Reports on Airborne Radiometric / Magnetic Survey and Lake S...
8/26/2010Defines Large, Strong, Altered / Mineralized Zone Big Easy P...
7/29/2010Updates Exploration Activities: Big Easy, Lobstick, Rambler ...
5/6/2010Acquisition of Claims with REE potential in Labrador
4/27/2010Reports Results for Uranium in Lake Sediments Lobstick Prope...
4/27/2010Reports Option of Gold / Silver Property and Results of Dril...
3/23/2010Begins Drilling on Rambler South and Lazyman Gold Properties
2/25/2010Reports on Metallics Assa
12/8/2009Reports Results for North Area - 2nd Phase Drill Program Cen...
12/1/2009Reports Significant Gold in Soil Geochemical Samples
10/29/2009Options New Uranium Prosp
10/22/2009Reports Gold Intersections in Drilling on Rambler South Prop...
8/6/20092nd Phase Drill Program Begins - Centauro Project, Chihuahua...
7/16/2009Options Gold Prospect –
6/16/2009Completes First Pass Expl
6/3/2009Issues Options to New Director
5/26/2009Begins Exploration on the 20th Brook Lead/Zinc Property West...
12/4/2008Options Lead/Zinc Prospect -- Western Newfoundland
8/5/2008 Exploration on Labrador/Quebec Uranium and Mexico Gold-Silv...
5/5/2008Annual Options
4/29/2008 and Universal Uranium Ltd. Announce an Initial Mineral Reso...
4/23/2008 and Azimut Identify Highly Anomalous Lake Sediments and Rad...
4/9/2008 and the Nunatsiavut Uranium Moratorium
4/7/2008 at the 2008 Calgary Resource Investment Conference
4/1/2008 Highlights
3/27/2008Drilling Begins on Mount Benedict Property, East End of Labr...
2/26/2008Drill Permit received for Mount Benedict Property
2/21/2008(Cmbnw)Update on 2007 Exploration - CMBNW Property
2/21/2008(Cmbnw)and Universal Uranium Ltd.: Update on 2007 Exploration-CMBNW...
1/31/2008Options Double Mer Property to High Tide Resources
5/23/2007Drilling at Mother Lode Gold Property
5/15/2007Third Phase Drill Program Starts on CMB NW Property
4/11/2007and Universal Uranium Announce Further Significant Mineraliz...
2/26/2007Signs Investor Relations Agreement with Longview Capital Par...
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