Silver Spruce Resources Inc. Announces Closing of Non-Brokered Private Placement

BRIDGEWATER, Nova Scotia, May 07, 2018 (GLOBE NEWSWIRE) -- Silver Spruce Resources Inc. (TSXV:SSE) (Frankfurt:S6Q) announces that it has closed its current non-brokered private placement and raised gross proceeds of $287,700.00 (the offering). The offering will consist of the issuance of 5,754,000 shares and 5,754,000 warrants.

Units at $0.05 cents were offered which consisted of one common share in the capital of Silver Spruce and one purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Silver Spruce for 6 cents ($0.06) at any time prior to the date which is sixty months (5 years) from a particular closing date at which time the warrants will expire. All units acquired pursuant to the private placement, and shares which may be acquired upon the exercise of the warrants, are subject to a four month hold period in accordance with applicable securities legislation.

The gross proceeds will be used to proceed with mandatory preparations of the Silver Spruce Resources Inc. Pino de Plata gold/silver project in Mexico leading up to drilling of targeted sites on the property.

There were finder’s fees paid totalling $17,200.00.

The Offering is subject to fulfillment of the requirements of the TSX Venture Exchange.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a well-positioned Canadian junior exploration company pursuing acquisition and development of the past producing Kay Mine volcanogenic massive sulfide (“VMS”) project in Arizona, USA, and the development of the Pino De Plata and the Encino De Oro epithermal silver/ base metal/ gold projects located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico.

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 company seeks Safe Harbour.

For further information:
Gordon Barnhill CFO/Director - Silver Spruce Resources Inc.
Tel: 902-527-5700 Fax: 902-527 5711 email: gbarnhill@silverspruceresources.com