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Spider Resources Inc. Announces Private Placement
09:06 EST Monday, November 10, 2008
TORONTO, ONTARIO--(Marketwire - Nov. 10, 2008) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce that it has entered into an agreement with IBK Capital Corp. to complete a private placement, on a best efforts agency basis, of up to 10,000,000 flow-through units at a price of $0.05 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 $0.05 for a period of one year from the date of issue and thereafter at a price of $0.10 for a period of two years from the date of issue.
Spider will pay a cash commission and issue broker's 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 Venture Exchange policies. The private placement is subject to regulatory approval, including that of the TSX Venture Exchange.
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.
About Spider Resources Inc.
