Current Share Structure

The Company’s authorized share capital consists of unlimited common shares without par value.

As at December 29, 2006:

Total issued and outstanding shares are 21,794,181.

Warrants outstanding are 3,333,333.

Options outstanding are 1,602,500

Get Stock Quote

Capital Resources

Spruce Ridge Resources is a mineral exploration company and therefore has no cash flow from operations. The company recently closed two private placements for gross proceeds of CAN $5.5 million. The Company has sufficient funds to meet its obligations for the ensuing year.  Management is confident in its ability to fund any new acquisitions that it may deem to be of merit.

The company is debt free.

Completed Transactions

The Company closed two private placements in December 2006.  The first private placement consisted of the sale of units at a price of $0.80 per unit for gross proceeds of $4,500,000.

The second private placement consisted of the sale of units at a price of $0.96 per unit for gross proceeds of $1,000,000. 

On December 12, 2006 the Company granted incentive stock options to purchase an aggregate of 1,250,000 common shares of Spruce to a number of recipients, including directors, officers and consultants at an exercise price of $1.50 per share.  The options are exercisable for a period of five years, ending on December 11, 2011 and are subject to the requirements of the TSX Venture Exchange.