Silver Spruce Resources Inc. (SSE: TSXV) has announced a private placement of up to 8,000,000 common shares of the Company at a price of $0.05 per share for gross proceeds of up to $400,000. The private placement is subject to regulatory approval and the Company expects to close the offering on or about April 15, 2021.
Silver Spruce is a mineral exploration company that is focused on the acquisition, exploration, and development of gold and silver projects in North and South America. The Company has a portfolio of projects in Canada, Mexico, and Peru. In Peru, Silver Spruce has two gold-silver projects in the Department of Ancash, the Pampas El Peñon and the Pampas El Peñon Norte.
The proceeds of the private placement will be used to fund exploration and development activities at the Company’s projects in Peru, as well as for general corporate purposes.
The Pampas El Peñon project is a gold-silver project located in the Department of Ancash, Peru. The project covers an area of approximately 4,000 hectares and is located in the western part of the country. Silver Spruce has a 100% interest in the project, which is held through its wholly-owned subsidiary, Silver Spruce Peru S.A.C.
The Pampas El Peñon Norte project is also a gold-silver project located in the Department of Ancash, Peru. The project covers an area of approximately 4,000 hectares and is located in the western part of the country. Silver Spruce has a 100% interest in the project, which is held through its wholly-owned subsidiary, Silver Spruce Peru S.A.C.
Both projects are in the early stages of exploration and development. Silver Spruce has conducted surface work and sampling programs at both projects, and is currently in the process of completing geophysical surveys. The Company has also engaged a consulting firm to complete a NI 43-101 compliant technical report on both projects. The Company plans to use the proceeds from the private placement to fund further exploration and development activities at the projects.
The private placement is subject to regulatory approval and the Company expects to close the offering on or about April 15, 2021. The common shares issued in the private placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
Silver Spruce Resources Inc. is a mineral exploration company focused on the acquisition, exploration, and development of gold and silver projects in North and South America. The Company has a portfolio of projects in Canada, Mexico, and Peru, including the Pampas El Peñon and Pampas El Peñon Norte projects in the Department of Ancash, Peru. The Company has recently announced a private placement of up to 8,000,000 common shares of the Company at a price of $0.05 per share for gross proceeds of up to $400,000. The proceeds of the private placement will be used to fund exploration and development activities at the Company’s projects in Peru, as well as for general corporate purposes. The private placement is subject to regulatory approval and the Company expects to close the offering on or about April 15, 2021. The common shares issued in the private placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.