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SILVER SPRUCE RESOURCES INC. Closing of private placements for $550,000
SILVER SPRUCE RESOURCES INC. Closing of private placements for $550,000
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSILVER SPRUCE RESOURCES INC. Closing of private placements for $550,000\n\n\n Sep. 9, 2010 (TheNewswire.ca) -- Bridgewater, Nova Scotia - September 9, 2010 - Silver Spruce Resources Inc. (TSXV: SSE) Silver Spruce Resources Inc. (\"Silver Spruce\") is pleased to announce it has closed its previously announced non-brokered private placements raising gross proceeds of $400,000 (the \"First Offering\") and $150,000 (the \"Second Offering\").The First Offering consisted of the issuance of 6,666,667 flow-through units (\"FT Units\") of Silver Spruce. Each FT Unit was offered at a price of $0.06 per FT Unit and consisted of one flow-through common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.12 per non-flow-through common share if exercised within 24 months of the closing of the First Offering.In connection with the First Offering, a finder's fee was paid with the issuance of 333,333 FT Units, being 5% of the aggregate gross proceeds of the First Offering, and an additional finder's fee of 666,667 options to purchase FT Units, being 10% of the aggregate gross proceeds of the First Offering. Any FT Units issued to a finder were on a non-flow-through basis.The only placees for the First Offering were Pathway Mining 2010 Flow-Through LP with the purchase of 5,000,000 FT Units at an aggregate subscription cost of $300,000, and MineralFields 2010-V Super Flow-Through LP with the purchase of 1,666,667 FT Units at an aggregate subscription cost of $100,000. Lloyd Hillier, the Chairman and CEO of Silver Spruce announces Silver Spruce is very pleased to be expanding its relationship with members of the MineralFields group of companies and recognizes \"the important role MineralFields has played and continues to play in the growth of Silver Spruce Resources Inc.\"The Second Offering consisted of the issuance of 2,500,000 non-flow-through units (\"NFT Units\") of Silver Spruce. Each NFT Unit was offered at a price of $0.06 per NFT Unit and consisted of one non-flow-through common share and one common share purchase warrant, with each whole warrant exercisable at a price of $0.10 per non-flow-through common share for a period of 24 months after the closing of the Second Offering. No finder's or other fees were paid in connection with the Second Offering, and the subscriber was a current inside...