Spider Resources Inc.
TSX VENTURE : SPQ

Spider Resources Inc.

October 15, 2007 10:44 ET

Spider Resources Inc. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN SECURITIES LAW, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce that it has completed a private placement for aggregate gross proceeds of $2,760,000 through IBK Capital Corp. The private placement consisted of 20,000,000 flow-through units offered at $0.09 per unit and 10,666,666 hard dollar units offered at $0.09 per unit. Each flow-through unit consists of one common share and one share purchase warrant and each hard dollar unit consists of one common share and one share purchase warrant. Each full share purchase warrant entitles the holder to purchase one additional common share (which share shall not be a flow-through share) at a price of $0.175 for a period of two (2) years from the date of issue. For more information see press release dated September 24, 2007.

The funds raised through this private placement will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area and to provide working capital for general corporate purposes.

For their efforts in this private placement, IBK Capital Corp. received a commission on the funds raised.

Each of the securities issued pursuant to this private placement is subject to a hold period of four months from the date of issue, with such hold period expiring on February 12, 2008.

About IBK Capital Corp.

IBK Capital Corp. is an independent, privately owned investment banking firm which offers a full range of services for the mining sector. Such services include, among others, merger, acquisition and divestiture advisory services, business valuations, fairness opinions, takeover defense planning, project financing and private placements of equity and debt instruments. Bill White, President of IBK Capital, has a long-term background in financing the mining industry.

About Spider Resources Inc.

Spider Resources Inc. has undertaken some of the original exploration work in the McFauld's Lake area, in partnership with KWG and DeBeers. Spider has a large land package in the McFauld's Lake area and has claims nearby and partly surrounding claims (The Condor/Greenstone Option) held by Noront Resources Ltd. in the James Bay Lowlands area. Noront recently released partial results from its first hole of the diamond drilling program (See Noront News Release dated 09/10/2007).

Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 279,836,633 shares of Spider issued and outstanding.

On behalf of the board of directors,

Neil Novak, President and CEO

These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Spider Resources Inc.
    Toronto Head Office
    #1000, 15 Toronto St. Toronto Ontario, M5C 2E3 Canada
    (416) 815-8666
    Website: www.spiderresources.net