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Spruce Ridge Resources Files Annual Financial Statements and Provides Property Update
TORONTO, March 02, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce” or the “Company”) (TSX-V: SHL) announces that further to its press release dat
About this update from Homeland Nickel Inc
[{"type":"text","content":" TORONTO, March 02, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce” or the “Company”) (TSX-V: SHL) announces that further to its press release dated September 1, 2022 the Company has filed its audited annual financial statements for the year ended April 30, 2022, along with the related management's discussion and analysis, and CEO and CFO certifications (the “Annual Filings”). The full text of the Annual Filings is available on the Company’s profile on SEDAR at www.sedar.com. Highlights of 2022 Financial Year $1.359 million (M) in qualifying exploration expenses incurred Over $12 M in marketable securities retained $0.511 M net loss from oil & gas assets Return of oil & gas financial security deposit in the amount $0.554 M Sufficient cash to remain in good standing with TSX Venture Exchange Commenting on the financial statements, interim President and CEO Steve Balch explained “Spruce Ridge remains well capitalized to explore its mineral properties. We own 5.7 M shares of Canada Nickel Company Inc. and 10.0 M shares of Noble Mineral Exploration Inc. We have since sold our oil & gas assets in Saskatchewan and will now focus on our Great Burnt Copper and South Pond Gold properties in Central Newfoundland. Once we have filed our Q1 and Q2 financial statements and the Company’s common shares resume trading on the TSXV we plan to issue a more detailed press release.” CTO Update The Company’s quarterly financial statements for the periods ended July 31, 2022 and October 31, 2022 (the “Interim Filings”) are being prepared, and are expected to be filed as soon as they are completed. Filing of the Interim Filings is necessary for the revocation of the cease-trade order (the “CTO”) announced on September 1, 2022 and presently in place. In connection with the filing of the Annual Filings and the anticipated filing of the Interim Filings, the Company is preparing an application to the securities regulators to revoke the CTO. Upon the CTO being revoked, the Company plans to request revocation of the trading halt of the Company’s common shares on the TSX Venture Exchange. The timing or success of these applications cannot be assured at this time, but the Company is working diligently to ensure that its securities resume trading as soon as possible. Property Update Further to the Company’s press release dated Au...