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Spruce Ridge Resources Announces Closing of First Tranche of $1,500,000 Non-Brokered Private Placement
(via Thenewswire.ca) Norfolk County , Ontario - July 30, 2012 - Spruce Ridge Resources Ltd....
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[{"type":"text","content":"\nSpruce Ridge Resources Announces Closing of First Tranche of $1,500,000 Non-Brokered Private Placement\n\n(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - July 30, 2012 - Spruce Ridge Resources Ltd. (TSXV: SHL) (\"Spruce Ridge\") is pleased to announce that it has closed the first tranche of its previously announced $1,500,000 non-brokered private placement (news release of July 16, 2012) pursuant to which it has issued 3,070,000 Units at a price of $0.10 per Unit for gross proceeds of $307,000 and issued 1,412,000 flow through units at a price of $0.125 per FT Unit for gross proceeds of $176,000. Total proceeds are $483,500.\n\n\n \nEach Unit consists of one common share and one common share purchase warrant (\"Unit Warrant\"), with each Unit Warrant entitling the holder to acquire one additional common share at a price of $0.25 per share for a period of 24 months from closing.\n\n\n \nEach FT Unit consists of one flow-through share and one - half of one share purchase warrant (\"FT Unit Warrant\"), with each whole FT Unit Warrant entitling the holder to acquire one additional common share at a price of $0.25 per share for a period of 24 months from closing.\n\n\n \nAll securities issued in the private placement will be subject to a four-month hold period from the Closing of the Placement.\n\n\n \nNo finder's fees were paid in connection with the Common Shares sold under the first tranche of the Private Placement.\n\n\n \nCertain insiders of Spruce Ridge including the President and Chief Executive Officer participated on the same terms in the Private Placement for an aggregate of 20.3% of the issued Units.\n\n\n \nThe Unit Warrants and the FT Unit Warrants (collectively the \"Warrants\") are subject to the right of the Company to accelerate the exercise period. If after four months and one day from the issuance of the Units, common shares of the Company trade at or above CDN $0.30 for a period of 20 consecutive trading days, the Company may notify the warrant holder to exercise the Warrants at a date no later than 30 calendar days after this notification date or forfeit any unexercised warrants at that time.\n\n\n \nThe proceeds of the private placement will be used to fund exploration activities on the Company's Fletcher Junction gold property in Nevada, the Kramer gold property in Western Newfoundland and for general w...