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Silver Spruce Resources Inc. Announces Results of Annual and Special Meeting of Shareholders

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Silver Spruce Resources held its reconvened annual and special meeting on November 5, 2024, where shareholders approved all proposed items. The meeting had been adjourned from October 29, 2024, due to lack of quorum. Shareholders elected four directors, reappointed Doane Grant Thornton as auditor, and approved an amended stock option plan. Notably, shareholders approved a 15:1 share consolidation, which would reduce the current 322,547,832 outstanding shares to approximately 21,503,188 shares. The consolidation must be implemented within 18 months and requires TSX Venture Exchange approval.

Silver Spruce Resources ha tenuto la sua riunione annuale e speciale riconvocata il 5 novembre 2024, dove gli azionisti hanno approvato tutti i punti proposti. La riunione era stata sospesa il 29 ottobre 2024 a causa della mancanza di un numero legale. Gli azionisti hanno eletto quattro amministratori, hanno riconfermato Doane Grant Thornton come revisore dei conti e hanno approvato un piano di opzioni azionarie modificato. In particolare, gli azionisti hanno approvato una consolidazione delle azioni 15:1, che ridurrà le attuali 322.547.832 azioni in circolazione a circa 21.503.188 azioni. La consolidazione dovrà essere attuata entro 18 mesi e richiede l'approvazione del TSX Venture Exchange.

Silver Spruce Resources celebró su reunión anual y especial reconvocada el 5 de noviembre de 2024, donde los accionistas aprobaron todos los puntos propuestos. La reunión se había suspendido el 29 de octubre de 2024 por falta de quórum. Los accionistas eligieron a cuatro directores, revalidaron a Doane Grant Thornton como auditor y aprobaron un plan de opciones sobre acciones enmendado. Notablemente, los accionistas aprobaron una consolidación de acciones 15:1, que reducirá las actuales 322.547.832 acciones en circulación a aproximadamente 21.503.188 acciones. La consolidación debe implementarse dentro de 18 meses y requiere la aprobación de la Bolsa de Valores de TSX Venture.

실버 스프루스 리소스(Silver Spruce Resources)는 2024년 11월 5일에 재소집된 연례 및 특별 회의를 열었으며, 주주들은 제안된 모든 사항을 승인했습니다. 이 회의는 법정 인원이 부족하여 2024년 10월 29일에 연기되었습니다. 주주들은 네 명의 이사를 선출하고, 도안 그랜트 손톤(Doane Grant Thornton)을 감사로 재임명했으며, 수정된 스톡 옵션 계획을 승인했습니다. 특히, 주주들은 현재의 322,547,832주를 약 21,503,188주로 줄이는 15:1 주식 통합을 승인했습니다. 이 통합은 18개월 이내에 시행되어야 하며 TSX 벤처 거래소의 승인이 필요합니다.

Silver Spruce Resources a tenu sa réunion générale annuelle et spéciale reconvoquée le 5 novembre 2024, durant laquelle les actionnaires ont approuvé tous les points proposés. La réunion avait été suspendue le 29 octobre 2024 en raison du manque de quorum. Les actionnaires ont élu quatre administrateurs, ont réapprouvé Doane Grant Thornton en tant qu'auditeur et ont approuvé un plan d'options d'achat d'actions modifié. Notamment, les actionnaires ont approuvé une consolidation d'actions 15:1, qui réduira les 322.547.832 actions en circulation à environ 21.503.188 actions. La consolidation doit être mise en œuvre dans les 18 mois et nécessite l'approbation de la Bourse de TSX Venture.

Silver Spruce Resources hielt am 5. November 2024 seine erneut einberufene jährliche und außerordentliche Hauptversammlung, in der die Aktionäre alle vorgeschlagenen Punkte genehmigten. Die Sitzung war am 29. Oktober 2024 aufgrund mangelnder Beschlussfähigkeit vertagt worden. Die Aktionäre wählten vier Direktoren, bestätigten Doane Grant Thornton als Wirtschaftsprüfer und genehmigten einen geänderten Aktienoptionsplan. Besonders bemerkenswert ist, dass die Aktionäre eine 15:1 Aktienkonsolidierung genehmigten, die die derzeit 322.547.832 ausstehenden Aktien auf etwa 21.503.188 Aktien reduzieren wird. Die Konsolidierung muss innerhalb von 18 Monaten umgesetzt werden und erfordert die Genehmigung der TSX Venture Exchange.

Positive
  • Shareholders approved all proposed items including board elections and auditor appointment
  • 15:1 share consolidation approved, potentially improving share structure and marketability
Negative
  • Meeting had to be reconvened due to initial lack of quorum, indicating possible shareholder engagement issues
  • Significant share consolidation (15:1) could impact stock liquidity

HALIFAX, NS / ACCESSWIRE / November 5, 2024 / (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Corporation"), announced today that its shareholders voted in favour of all items of business brought before them at the Corporation's reconvened annual and special meeting of shareholders held on November 5, 2024 (the "Meeting"). The Meeting had been adjourned from the original meeting date of October 29, 2024 to today's date due to a lack of quorum.

At the meeting, the four nominees to the Corporation's Board of Directors, namely Michael Kinley, J. Gregory Davison, Kevin O'Connor and Kevin Thieneman were elected for the ensuing year.

Doane Grant Thornton (formerly Grant Thornton LLP) was re-appointed as the Corporation's auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, at a remuneration to be fixed by the Board.

An ordinary resolution was passed by shareholders that amended and restated the Corporation's stock option plan dated April 18, 2022, subject to TSX Venture Exchange approval. Details of the amended and restated stock option plan are contained in the Corporation's management information circular dated September 23, 2024.

Shareholders also passed a special resolution to approve a consolidation of the Corporation's common shares on the basis of one post-consolidation share for every fifteen (15) old shares, subject to TSX Venture Exchange approval (the "Consolidation"). The Consolidation may become effective at a date in the future to be determined by the Board of Directors of the Corporation, when the Board of Directors considers it to be in the best interests of the Corporation to implement such Consolidation, but in any event not later than eighteen months after the date hereof.

In the event that the Consolidation would result in the issuance of a fractional share, no fractional share shall be issued, and such fractional share will be rounded down in the case of a fractional interest that is less than 0.5 or rounded up in the case of a fractional share that is 0.5 or greater. The Corporation currently has 322,547,832 common shares outstanding. For illustrative purposes only, if the Consolidation were to occur as of today's date, there would be approximately 21,503,188 common shares issued outstanding.

Further details of the Consolidation are contained in the Corporation's management information circular dated September 23, 2024, which was filed and is available on SEDAR+ under the Corporation's profile. The Corporation will not declare a record date for the purposes of the Consolidation.

About the Corporation

Silver Spruce Resources Inc. is a Canadian junior exploration company holding 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and has signed Definitive Agreements to acquire 100% interest in the Mystery Au project near recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp. among others in the Exploits Gold Belt, Newfoundland and Labrador, 100% interest in the Pino de Plata Ag project located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico and up to 50% interest in Colibri Resource's Diamante Au-Ag project located from 5 kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit in Sonora, Mexico. Silver Spruce also has a 50:50 joint venture agreement with Colibri on the nearby Jackie Au project. Silver Spruce continues to investigate opportunities that Management has identified or that have been presented to the Corporation for consideration.

Forward-Looking Statements

This news release contains "forward-looking statements." Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. The Corporation is not in control of metals prices and these could vary to make development uneconomic. The forward-looking statements in this news release, including, without limitation, forward-looking statements relating to the matters to be approved at the Meeting, are made as of the date of this news release, and the Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Corporation believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

CAUTIONARY STATEMENT:

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.

For further information:

Greg Davison, PGeo, Vice-President Exploration and Director
(250) 521-0444
gdavison@silverspruceresources.com

Michael Kinley, CEO and Director
(902) 402-0388
mkinley@silverspruceresouces.com
info@silverspruceresouces.com
www.silverspruceresources.com

SOURCE: Silver Spruce Resources Inc.



View the original press release on accesswire.com

FAQ

What is the share consolidation ratio approved for Silver Spruce Resources (SSEBF)?

Shareholders approved a 15:1 share consolidation, meaning every fifteen existing shares will be consolidated into one new share.

How many shares will Silver Spruce Resources (SSEBF) have after the consolidation?

After the 15:1 consolidation, the number of outstanding shares would decrease from 322,547,832 to approximately 21,503,188 shares.

When will Silver Spruce Resources (SSEBF) implement the share consolidation?

The consolidation date will be determined by the Board of Directors but must be implemented within 18 months from November 5, 2024, subject to TSX Venture Exchange approval.

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