Spider Resources Inc.

Spider Resources Inc.

March 20, 2007 09:59 ET

Spider Announces Closing of Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 20, 2007) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ) is pleased to announce the closing of a private placement for gross proceeds of $550,000. Pursuant to the private placement, Spider issued 6.4 million flow-through units (the "Flow-Through Units") and 4.6 million non-flow-through units (the "Hard Dollar Units") at a price of $0.05 per unit.

Each Flow-Through Unit consists of one flow-through common share and one common share purchase warrant (the "Warrant") and each Hard Dollar Unit consists of one non-flow-through common share and one Warrant. Each whole Warrant is exercisable for one common share of Spider at $0.10 per share for a period of two years from the date of the closing.

All of the securities issued pursuant to this offering will have a hold period expiring on July 17, 2007.

Spider will use the net proceeds of the flow-through private placement to incur Canadian exploration expenses on its projects.

Spider Resources Inc. is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ". There are currently 231,193,535 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.

For more information on Spider Resources Inc. and its other exploration projects please visit our website www.spiderresources.com.

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

Contact Information

  • Spider Resources Inc.
    Neil Novak
    President and CEO
    (416) 815-8666
    Spider Resources Inc.
    Jim Voisin
    Communications Manager
    (519) 699-5352
    Website: www.spiderresources.com