Spruce Ridge Comments on John Ryan Press Release

TORONTO, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce Ridge” or the “Company”) (TSX-V: SHL) announces that further to its press release dated August 4, 2023, upon taking control of the Company's records in August of 2022, current management was notified of funds owed to the Company by the former president and CEO, John Ryan. The amount owing has not been repaid and current management does not believe the funds were advanced for legitimate business purposes. The receivable was assessed in the annual financial statements for the year ended April 30, 2023, and was impaired in the full amount of $631,030. The Company has commenced legal proceedings for recovery of the receivable.

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