Silver Spruce Resources Inc. Announces Extension of Non-Brokered Private Placement
Rhea-AI Summary
Silver Spruce Resources (SSEBF) announced TSXV approval to extend the closing date for the second tranche of its non-brokered private placement to on or before May 18, 2026. Units priced at CAD$0.20 each, with one warrant exercisable at $0.30 for four years.
The first tranche closed April 1, 2026, issuing 3,696,250 Units for gross proceeds of $739,250, paying $39,560 in finder fees and issuing 197,800 finder’s warrants. Insiders subscribed for 233,750 Units. Proceeds will fund exploration and working capital; all closings remain subject to TSXV final approval.
Positive
- First tranche raised $739,250 from 3,696,250 Units
- Units priced at CAD$0.20 with warrants at $0.30
- Proceeds allocated to exploration and general working capital
Negative
- Warrants create potential dilution on exercise at $0.30
- Finder fees totaled $39,560, reducing net proceeds
- Insider participation of 233,750 Units is a related-party placement
AI-generated analysis. How Rhea-AI works. Not financial advice.
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BEDFORD, NS / ACCESS Newswire / May 4, 2026 / (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Corporation") announces that, further to its news releases dated March 2, 2026 and April 1, 2026, the TSXV has granted the Corporation an extension for the completion of the second tranche (the "Second Tranche") of its previously announced non-brokered private placement (the "Offering"). As previously announced, the Offering consists of units of the Corporation (the "Units") at a price of CAD
The Corporation previously announced the closing of the first tranche (the "First Tranche") of the Offering on April 1, 2026. The First Tranche consisted of the issuance of 3,696,250 Units at the Offering Price for gross aggregate proceeds of
During the First Tranche, certain insiders of the Corporation subscribed for an aggregate of 233,750 Units under the Offering, which constitutes a "related party transaction" as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The Corporation is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the acquired securities by such insiders will not exceed
The Corporation expects to use the proceeds of the Offering for exploration of the Corporation's mineral projects and general working capital purposes. The closing of the First Tranche and the Second Tranche is subject to the receipt of all necessary regulatory approvals, including the receipt of final approval from the TSXV.
The securities issued under the Second Tranche will be subject to a statutory hold period in Canada of four months and a day from the date of issuance in accordance with applicable securities laws.
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 Company's diversified exploration portfolio now includes:
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
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
Melchett Lake VMS Zn-Ag-Au-Cu Project - Polymetallic project with historical drilling in the Thunder Pay Mining District of Ontario
Contact:
Kevin O'Connor, Director
(312) 509-5972
koconnor@silverspruceresources.com
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 information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Silver Spruce Resources. Forward-looking statements include estimates and statements that describe Silver Spruce Resources' future plans, objectives or goals, including words to the effect that Silver Spruce Resources or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "intends", "plans", "subject to" or "proposed". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Silver Spruce Resources, the Corporation provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is not limited to, the Corporation's objectives, goals or future plans, statements regarding the Offering, the completion of the Second Tranche, the anticipated timing for closing of the Second Tranche, potential insider participation in the Second Tranche, the intended use of proceeds of the Offering, and the receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange in respect of the First and Second Tranche. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Second Tranche on the terms disclosed or at all, failure to obtain required approvals, including the approval of the TSX Venture Exchange, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Corporation's public documents filed on SEDAR+. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Silver Spruce Resources disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE: Silver Spruce Resources, Inc.
View the original press release on ACCESS Newswire