Spruce Ridge Resources Completes Second Tranche of its $1,050,000 Non-Brokered Private Placement and Appoints New Director

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[{"type":"text","content":"\nSpruce Ridge Resources Completes Second Tranche of its $1,050,000 Non-Brokered Private Placement and Appoints New Director\n\n(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - May 3, 2013 - Spruce Ridge Resources Ltd (TSXV: SHL) (\"Spruce Ridge\") announces a second and final tranche of $25,000 has been completed for total proceeds of $220,500 of a non-brokered private placement of up to 7,000,000 Units at a price of CDN $0.15 per Unit for gross proceeds of CDN $1,050,000. Each 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 \nThe Unit 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 $0.40 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 and for general working capital purposes.\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 \nThe Private Placement is subject to approval from the TSX Venture Exchange.\n\n \n \nThe Company also announces the appointment of Mr. Pierre Gagnon to the Board subject to regulatory approval. Pierre is the President and Managing Director of Chancery Investments Inc. He was President of IP Devco Inc., a contract software developer and Brukar Inc., a manufacturer of metal castings. He is a Member of the Advisory Board at The Shotgun Fund, LP and The Succession Fund, LP and a director of a number of publicly-listed companies and several private companies. Mr. Gagnon was also the Chairman of Copernicus Educational Products Inc. He is a Director of Halton Healthcare Services Foundation and Oakville Galleries.\n\n \n \nAbout Spruce Ridge Resources \n\n \n \nSpruce Ridge Resources is focused on exploring the Fletcher Junction gold prope...

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