Business
Silver Spruce Resources Inc. Announces Closing of Private Placement for an additional $88,645
Dec. 31, 2010 (TheNewswire.ca) -- Bridgewater, Nova Scotia - December 31, 2010 - Silver Spru...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Resources Inc. Announces Closing of Private Placement for an additional $88,645\n\n\n Dec. 31, 2010 (TheNewswire.ca) -- Bridgewater, Nova Scotia - December 31, 2010 - Silver Spruce Resources Inc. (TSXV: SSE) Silver Spruce Resources Inc. (\"Silver Spruce\") 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 SPRUCESilver 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 HEAD OFFICE INVESTOR RELATIONSGordon Barnhill, ...