Spruce Ridge Resources Ltd. announced a non-brokered private placement of up to 30,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 1,500,000 on November 16, 2023. The transaction included participation from RAB Capital Holdings Limited for CAD 450,000. Each unit will consist of one common share and one half of one common share purchase warrant.

Each whole common share purchase warrant will entitle the holder to acquire one common share for CAD 0.10 for a period of two years after the closing of the concurrent financing. All securities issued will be subject to a hold period of four months and one day after closing. The company reserves the right to increase the size of the concurrent financing by up to 10%, to a maximum of 33,000,000 units for gross proceeds of CAD 1,650,000.

The closing of the transaction and the concurrent offering is subject to approval by the TSX Venture Exchange.