Silver Spruce Increases and Closes Private Placement of $1,819,500

Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) announced today that it has increased and closed its private placement announced August 7, 2020. The private placement consisted of the issuance of 36,390,000 units at a price of $0.05 per unit for proceeds of $1,819,500 with a lead order from Palisades Goldcorp Ltd. Each unit consisted of one common share and a warrant to purchase an additional common share at an exercise price of $0.10 per share on or before August 18, 2023.

The securities issued pursuant to the private placement have a hold period expiring December 19, 2020.

Finders fees and commissions were paid on the private placement consisting of cash of $138,275 and 165,000 broker warrants with an exercise price of $.10 per share and an expiry date of August 18, 2023.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and with Colibri Resource Corp. to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Gold project, a drill-ready precious metal project in Sonora, Mexico. The Company also is pursuing exploration of the drill-ready and permitted Pino De Plata Ag project in western Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.

About Palisades Goldcorp Ltd.

Palisades Goldcorp is Canada’s new resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

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