Toronto, ON, May 12, 2017 Spruce Tree Capital Ltd. ("Spruce Tree") today announced that it will be issuing rights to holders of its common shares (the "Common Shares") of record as at the close of business on May 19, 2017 (the "Record Date"). Each holder of Common Shares as at the Record Date and who is a resident of a province or territory of Canada (the "Eligible Holders") will receive one transferable right (a "Right") for each Common Share held. Each Right will entitle the holder to subscribe for one Common Share at a price of C$2.10 per Common Share (the "Subscription Price") during the exercise period (the "Basic Subscription Privilege"). A maximum of 4.5 million Common Shares will be issued pursuant to the Rights Offering, representing 100% of the currently issued and outstanding Common Shares. The net proceeds of new shares from this Rights Offering will be used by Spruce Tree to fund the acquisition of additional portfolio investments. Spruce Tree is an investment and merchant banking firm focused on the small cap market, with investments in technology and resource companies.

What is the maximum amount that Spruce Tree Capital could raise through this Rights Offering?

Select one:

a. $14.625 million

b. $5.625 million

c. $21.625 million

d. None of the other answers

e. $9.450 million