Silver Spruce Resources Inc. has successfully completed its non-brokered private placement, raising gross proceeds of $976,000 through the issuance of 976,000 units. Each unit consists of one common share and one half of a common share purchase warrant, with each full warrant exercisable to acquire an additional share for a period of two years. Proceeds from the financing will fund ongoing exploration at the company’s El Mezquite project in Sonora, Mexico, support metallurgical test work and cover general corporate expenses. The financing attracted participation from both existing shareholders and new institutional investors, bolstering the company’s cash position and extending its operating runway through the third quarter of 2026.

The board of Silver Spruce has approved the grant of 2,100,000 stock options to directors, officers, employees and consultants under the company’s stock option plan. Each option is exercisable to acquire one common share at an exercise price of $0.30 per share for five years from the date of grant. The awards are intended to align management and stakeholder interests with long-term shareholder value creation as the company advances its drill program at El Mezquite. Upon full exercise, the options would result in additional financing of approximately $630,000 and represent a 6% increase in the current issued share capital, introducing potential dilution for existing shareholders.