Silver Spruce Resources Inc. (TSXV:SSE) announced a non-brokered private placement of combined 20,000,000 flow-through units and non flow-through units at CAD 0.05 per unit for gross proceeds of CAD 1,000,000 on October 22, 2012. The transaction is expected to close on November 30, 2012. Each flow-through unit will consist of one flow-through common share and one half of one common share purchase warrant. The warrants will expire three years after the closing of the Offering, with each whole warrant exercisable prior to such date for one common share at a price of CAD 0.10 per common share during the first eighteen months after issuance and CAD 0.20 per common share thereafter. Each non flow-through unit will consist of one common share and one full share purchase warrant. Non flow through warrants has the same terms as of flow through warrants. A finder's fee may be paid up to 7% of the proceeds payable in cash or through the issuance of common shares valued at CAD 0.05 per common share. All securities issued in shall be subject to a four-month hold period.

On November 30, 2012, the company announced that it has extended the closing date of the transaction. The transaction is now scheduled to close on December 28, 2012.

On January 3, 2013, Silver Spruce Resources Inc. cancelled the transaction.