Silver Spruce Resources Inc. Announces Closing of $976,000 Non-Brokered Private Placement

Rhea-AI Summary

Silver Spruce Resources (OTC:SSEBF) closed a $976,000 non-brokered private placement on January 16, 2026 by issuing 976,000 units at $0.10 per unit. Each unit comprises one common share and one warrant exercisable at $0.15 for three years. The offering included payment of $22,440 in finder fees and issuance of 224,400 finder warrants, also exercisable at $0.15 for three years. All securities are subject to a statutory hold period expiring May 17, 2026. Net proceeds will fund exploration of the company’s mineral projects and general working capital. The closing remains subject to final approval by the TSX Venture Exchange.

Positive

• Gross proceeds of $976,000 raised for exploration and working capital
• Issued 976,000 units at $0.10 per unit to fund near-term programs
• Finder arrangements completed with $22,440 fees and 224,400 finder warrants

Negative

• Immediate dilution from issuance of 976,000 new common shares
• Potential further dilution from 1,200,400 warrants (976,000 unit warrants + 224,400 finder warrants) exercisable at $0.15
• Closing remains subject to final TSX Venture Exchange approval

News Market Reaction

-14.01%

1 alert

-14.01% News Effect

On the day this news was published, SSEBF declined 14.01%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BEDFORD, NS / ACCESS Newswire / January 16, 2026 / (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Corporation") is pleased to announce that it has closed today its previously announced non-brokered private placement for gross proceeds of $976,000 (the "Offering").

Pursuant to the Offering, the Corporation issued an aggregate of 976,000 units of the Corporation ("Units") at an issue price of $0.10 per Unit. Each Unit is comprised of one common share and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Corporation (each, a "Warrant Share") at an exercise price of $0.15 per Warrant Share for a period of 3 years from the closing of the Offering. The Common Shares and Warrants issued under the Offering will be subject to a statutory hold period expiring on May 17, 2026.

In connection with the Offering, the Corporation has paid a total of $22,440 in finder fees and issued a total of 224,400 finder warrants (each, a "Finder Warrant") to eligible arm's length finders ("Finders"). Each Finder Warrant will entitle the Finder to purchase one common share of the Corporation for $0.15 for a period of three years following the closing of the Offering. The Finder Warrants will be subject to a statutory hold period expiring on May 17, 2026.

The net proceeds from the Offering will be used for exploration of the Corporation's mineral projects and general working capital purposes. The Offering is subject to the final approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended the ("U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Silver Spruce Resources

Silver Spruce Resources Inc. is a Canadian junior exploration company. The Corporation's diversified exploration portfolio now includes:

• Jackie Au-Ag Project - Early-stage epithermal project with high-grade surface sampling and strong structural targets located <10 kilometres northwest from Minera Alamos' Nicho deposit in eastern Sonora, Mexico

• Pino de Plata Ag Project - High-grade silver property with historic artisanal mining located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico

• Melchett Lake VMS Zn-Ag-Au-Cu Project - Polymetallic project with historical drilling in the Thunder Bay Mining District of Ontario

Silver Spruce continues to investigate opportunities that Management has identified or that have been presented to the Corporation for consideration.

Contact:

Kevin O'Connor, Director
(312) 509-5972
info@silverspruceresouces.com
www.silverspruceresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the Offering.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

SOURCE: Silver Spruce Resources, Inc.

View the original press release on ACCESS Newswire

FAQ

What did Silver Spruce (SSEBF) raise in the January 16, 2026 private placement?

Silver Spruce closed a $976,000 non-brokered private placement by issuing 976,000 units at $0.10 per unit.

What are the warrant terms from Silver Spruce's January 16, 2026 offering (SSEBF)?

Each unit included one warrant exercisable at $0.15 per share for three years; finder warrants have the same terms.

How will Silver Spruce use the proceeds from the $976,000 private placement (SSEBF)?

Net proceeds will be used for exploration of the company’s mineral projects and for general working capital.

When do the hold periods on the Silver Spruce securities from the offering expire (SSEBF)?

The Common Shares, Warrants and Finder Warrants are subject to a statutory hold period expiring on May 17, 2026.

How many potential shares could be created if all warrants from the offering are exercised (SSEBF)?

If all warrants are exercised, up to 1,200,400 additional common shares could be issued (976,000 unit warrants + 224,400 finder warrants).

Is the Silver Spruce private placement closing final and fully approved (SSEBF)?

The offering closed but is stated to be subject to final approval by the TSX Venture Exchange.