SpruceLand Provides Update on Dissolution

EDMONTON, AB, June 30, 2020 /CNW/ - SpruceLand Properties Inc. ("SpruceLand" or the "Corporation"), as previously announced, had been expecting that its dissolution could possibly take until 2023 to complete.  Today SpruceLand announced that it now believes it may be able to complete the dissolution during the current 2020 calendar year. Once it is able to confirm a target dissolution date, the Corporation will communicate directly with shareholders.

About SpruceLand

On March 10, 2016, by special resolution at a meeting of the Corporation's shareholders, the Corporation obtained approval to, among other things, liquidate its assets, discharge its liabilities, distribute its remaining property in one or more distributions to its shareholders and to subsequently dissolve pursuant to the provisions of the Business Corporations Act (Alberta). 

Caution Regarding Forward-Looking Statements

This press release contains "forward-looking information" as defined under applicable Canadian securities law ("forward-looking information" or "forward-looking statements").  Readers are cautioned not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and do not take into account the effect of events or other factors occurring or arising after the statements are made. The Corporation does not undertake any obligation to update any such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.

SOURCE SpruceLand Properties Inc.

Steve Cribb, President & CEO, Phone: [phone], Email: [email protected]