PRESS RELEASE : Spruce Ridge Declares Dividend-in-kind of Shares of Canada Nickel Company

DGAP-News: Spruce Ridge Resources Ltd 
Spruce Ridge Declares Dividend-in-kind of Shares of Canada Nickel Company 
2021-07-27 / 17:45 
The issuer is solely responsible for the content of this announcement. 
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Spruce Ridge Resources Ltd. (TSX-V SHL) - ('Spruce Ridge' or the 'Company') is pleased to announce that its board of 
directors has declared a dividend-in-kind (the 'Dividend') of 2,500,000 of the 8,100,000 common shares of Canada Nickel 
Company Inc. (TSXV: CNC) ('CNC Shares') held by Spruce Ridge. The Dividend is payable on or before September 3, 2021 to 
holders of record of Spruce Ridge shares at the close of business on August 6, 2021 (the 'Record Date'). This Dividend 
will be the second payable as the first Dividend of 2,500,000 shares were distributed In September 2020. 
The CNC Shares were acquired by Spruce Ridge in connection with the previously announced sale of its interest in the 
Crawford Nickel-Cobalt Sulphide project, details of which are contained in the Company's previous news releases issued 
on October 1, 2019 and February 19, 2020. 
Spruce Ridge has designated the Dividend to be an 'eligible dividend' for the purposes of the Income Tax Act (Canada) 
and corresponding provincial legislation. The dividend will be taxable and non-residents of Canada will be subject to 
Canadian withholding taxes. Shareholders with questions regarding the tax treatment of dividends should consult with 
their own tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial 
taxation authorities. 
The Dividend will be distributed on a pro rata basis. No fractional shares or cash in lieu thereof (or any other form 
of payment) will be payable under the Dividend. Any fractional interests in CNC Shares under the Dividend will be 
rounded up or down to the nearest whole number of shares. Based upon the number of common shares of Spruce Ridge (' 
Spruce Ridge Shares') currently outstanding, and ignoring the effect of rounding for fractional interests, one (1) CNC 
Share will be paid under the Dividend for every 64.92 Spruce Ridge Shares held on the Record Date. It is expected that 
certificates evidencing the CNC Shares paid under the Dividend will be mailed to shareholders of Spruce Ridge on or 
shortly after August 28, 2021. Spruce warrant-holders who deliver complete exercise packages of their warrants no later 
than 5:00 p.m. on August 6, 2021 will be entitled to participate in the distribution. 
Shareholders should note that after the distribution of Canada Nickel shares to Spruce Ridge shareholders, Spruce Ridge 
will continue to hold 5,600,000 Canada Nickel shares. 
The Company has filed a Form 3E with the Exchange in respect of the Dividend, notifying the Exchange of the Record 
Date. 
About Spruce Ridge Resources Ltd. 
Spruce Ridge holds a 100% interest in the Great Burnt Copper-Gold Property in Central Newfoundland which covers a 
series of copper ± gold rich VMS deposits. Spruce Ridge recently acquired certain mineral leases with petroleum and 
natural gas rights, plus oil and gas wells, pipelines and facilities in the Unity area of southwestern Saskatchewan. 
Included in the purchase are 793 ha of petroleum and natural gas rights from surface to the base of the Mannville Group 
with an average working interest of 84%. The purchase includes 5 active oil wells, 10 suspended oil and gas wells, 
heavy oil facilities, pipelines, and an active produced water disposal well. Spruce Ridge Resources sold its interest 
in in the Crawford Nickel-Cobalt Sulphide project to Canada Nickel Company Inc. but retained ground which contains VMS 
and gold targets. In 2015, Spruce Ridge optioned its Viking/Kramer gold properties in Western Newfoundland to Anaconda 
Mining Inc. 
For further information please contact: 
John Ryan, President and CEO 
Spruce Ridge Resources Ltd. 
Phone: [phone] 
Email: [e-mail] 
Forward-Looking Statements 
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. This News Release includes 
certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include 
estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect 
that the Company or 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', or 
'plan'. 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 the Company, the Company 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 intention to 
complete the transactions, and the Company's objectives, goals or future plans. Factors that could cause actual results 
to differ materially from such forward-looking information include, but are not limited to an inability to complete the 
transactions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays 
in obtaining or failures to obtain required regulatory, governmental, 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 Company's public documents filed on SEDAR. Although the Company 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. The Company 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. 
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale 
of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any 
of the securities in the United States of America. The securities have not been and will not be registered under the 
United States Securities Act of 1933, as amended (the '1933 Act') or any state securities laws and may not be offered 
or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under 
the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such 
registration requirements is available. 
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR 
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES 
Contact Details 
John Ryan, President and CEO 
[e-mail] 
Company Website 
https://www.spruceridgeresources.com/ 
News Source: News Direct 
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2021-07-27 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      Spruce Ridge Resources Ltd 
              United States 
ISIN:         CA85290C1032 
EQS News ID:  1222110 
 
End of News   DGAP News Service 
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1222110 2021-07-27

 
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(END) Dow Jones Newswires

July 27, 2021 11:46 ET (15:46 GMT)