Silver Spruce Clarifies Terms of Letter of Agreement (LOA) and Financing for Pino de Plata Project
BRIDGEWATER, NOVA SCOTIA--(Marketwired - Jun 18, 2015) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") (TSX VENTURE:SSE)(FRANKFURT:S6Q) is currently in the due diligence phase of the Pino de Plata Project acquisition. The executed LOA gives the Company a maximum of six months exclusivity to complete due diligence.
Based on the conclusions and recommendations in the NI 43-101 report, the Company and the owner have agreed to formalize the terms of purchase in good faith during the exclusivity period. If the results of the field sampling program at the project do not meet the Company's expectations, the Company has no further obligation to continue the purchase of the project and would have no additional expenses related to the project. If the technical report is satisfactory to the Company, and verifies the representations by the owner, then Silver Spruce will move forward with the owner to formalize the LOA terms, where the Company has agreed to pay the current owner $5M USD over six years with a finder's fee payable in accordance with TSX guidelines. The due diligence period ends 30 October 2015.
Subject to a satisfactory NI 43-101, the Company will seek additional project financing in tranches intended to conduct work programs based on recommendations contained in the NI 43-101 report. The completed acquisition of the Pino de Plata project would be an all cash transaction with no residual royalties to any party.
About Silver Spruce Resources Inc.
Silver Spruce is a diversified junior exploration company with a significant portfolio of uranium and rare earth element properties in Newfound and Labrador. Shareholders and other interested parties can view our financial statements on www.sedar.com and on our website at www.silverspruceresources.com.
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. The company seeks Safe Harbour.
Contact
Silver Spruce Resources Inc.
Stephan Jedynak
President/CEO and Director
902 527-5700
info@silverspruceresources.com
www.silverspruceresources.com
