TORONTO, Dec. 21, 2023 (GLOBE NEWSWIRE) — Spruce Ridge Resources Ltd. (“Spruce” or the “Company”) (TSXV: SHL) is pleased to announce that it has closed the previously announced non-brokered private placement of 30,000,000 units (“Units”), which were sold at $0.05 per Unit for gross proceeds of $1,500,000 (the “Offering”). Each Unit consists of one common share (“Common Share”) and one half of a common share purchase warrant. Each whole common share purchase warrant (“Warrant”) entitles the holder to acquire one Common Share for $0.10 for a period of two years after the closing of the Offering.
The Offering of the Units is subject to the receipt of all required corporate and regulatory approvals including the approval of the TSX Venture Exchange. All securities issued and issuable pursuant to the Offering are subject to a four month and one day statutory hold period.
Pursuant to the Offering, a total of…
