Spider Resources arranges 10-million-unit financing
2008-11-10 09:27 ET - News Release
Mr. Neil Novak reports
SPIDER RESOURCES INC. ANNOUNCES PRIVATE PLACEMENT
Spider Resources Inc. has entered into an agreement with IBK Capital Corp. to complete a private placement, on a best-efforts agency basis, of up to 10 million flow-through units at a price of five cents per unit, each unit consisting of one common share of Spider (issued on a flow-through basis) and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share of Spider (which share shall not be issued on a flow-through basis) at a price of five cents for a period of one year from the date of issue, and, thereafter, at a price of 10 cents for a period of two years from the date of issue.
Spider will pay a cash commission and issue broker warrants to IBK Capital Corp. in connection with the private placement, in accordance with TSX Venture Exchange policies. The securities issued under the private placement will be subject to a hold period from the date of issuance, in accordance with applicable securities laws and TSX-V policies. The private placement is subject to regulatory approval, including that of the TSX-V.
Proceeds raised through this private placement will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area.
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