Spruce Ridge Resources Ltd. (TSXV:SHL) announced a non-brokered private placement of 10,000,000 flow-through shares at a price of CAD 0.14 each for gross proceeds of CAD 1,400,000 on January 11, 2021. All securities issued pursuant to the private placement will be subject to a four-month hold period. On the same day, the company announced that it issued 4,357,142 flow through shares for gross proceeds of CAD 610,000 in its first tranche. The tranche included participation from a director for 150,000 shares. In connection with the first tranche private placement, the company will pay CAD 39,760 in finders’ fees and will issue 263,000 broker warrants exercisable at CAD 0.14 for 24 months from the date of issue.