Spider Resources Inc.
TSX VENTURE : SPQ

Spider Resources Inc.

November 27, 2008 14:23 ET

Spider Resources Inc. Announces Completion of Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce the completion, subject to final regulatory approvals, of the first closing of a previously announced private placement of 4,700,000 flow-through units at a price of $0.05 per unit, for gross proceeds of $235,000. Each unit consists 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 engaged IBK Capital Corp. to complete the private placement on a best efforts agency basis. Spider paid a cash commission to the agent and issued Broker's Warrants entitling the purchase of up to 470,000 units of the Company 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. The common shares comprising the units issued to the agent shall not be issued on a flow-through basis.

The securities issued under the private placement will be subject to a hold period from the date of issuance until March 28, 2009 in accordance with applicable securities laws and TSX Venture Exchange policies.

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.

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 310,311,767 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO

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. 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
    Suite 500 - 360 Bay Street Toronto, Ontario, Canada M5H 2V6
    (416) 815-8666
    Website: www.spiderresources.com