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Silver Spruce Resources ( (TSE:SSE) ) has shared an announcement.
Silver Spruce Resources has closed the first tranche of its non-brokered private placement, raising CAD$739,250 through the issuance of 3,696,250 units at CAD$0.20 each, with attached four-year warrants exercisable at CAD$0.30. The company plans to use the proceeds for exploration across its mineral projects and for general working capital, and has extended the offering with a second and final tranche expected to close by early May, subject to TSX Venture Exchange approval.
The financing included participation by company insiders, treated as a related-party transaction under Canadian securities rules, though exemptions were used as the value remained below prescribed thresholds. Silver Spruce will also pay cash commissions and issue finder’s warrants to eligible intermediaries, while all securities issued in the tranche are subject to a four-month-plus-one-day hold period under applicable securities laws.
The most recent analyst rating on (TSE:SSE) stock is a Hold with a C$0.19 price target. To see the full list of analyst forecasts on Silver Spruce Resources stock, see the TSE:SSE Stock Forecast page.
Spark’s Take on SSE Stock
According to Spark, TipRanks’ AI Analyst, SSE is a Neutral.
The score is primarily weighed down by weak financial performance (no revenue, ongoing losses and cash burn, and negative equity) and bearish technicals (price below key moving averages with negative MACD). Valuation provides limited support due to negative earnings and no dividend yield data.
To see Spark’s full report on SSE stock, click here.
More about Silver Spruce Resources
Silver Spruce Resources Inc. is a Canadian junior mineral exploration company focused on silver, gold and base metal projects in North America. Its portfolio includes the Pino de Plata high-grade silver project in Chihuahua, Mexico, the Jackie gold-silver epithermal project in Sonora, Mexico, and the Melchett Lake polymetallic VMS project in Ontario’s Thunder Bay Mining District.
Average Trading Volume: 61,919
Technical Sentiment Signal: Sell
Current Market Cap: C$6.9M
For a thorough assessment of SSE stock, go to TipRanks’ Stock Analysis page.