Toronto, ON - August 14, 2023 - John Ryan, former CEO and President of Spruce Ridge Resources Ltd. (TSX-V:SHL) (“SRR”) who holds approximately 12% of SRR’s common shares, releases additional material information that was omitted from SRR’s August 4, 2023, news release.

While SRR correctly indicated that there is a dispute between SRR and Mr. Ryan, it failed to include the following material facts:

• Mr. Ryan has defended SRR’s action and denies all allegations against him, including that any receivable is owing; and 

• Mr. Ryan has counterclaimed against SRR and interim CEO Stephen Balch for, among other things, oppression, defamation, and other wrongdoing culminating in his forced resignation. 

Mr. Ryan is vigorously pursuing his counterclaim, which neither SRR nor Mr. Balch has yet defended.

For more information, contact:

Alexis Beale
Kushneryk Morgan LLP
(647) 317-1526, x3
abeale@kmcounsel.ca
Counsel to Mr. Ryan