Spider Resources Inc.

Spider Resources Inc.

August 21, 2006 16:22 ET

Spider Announces Completion of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Aug. 21, 2006) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ) is pleased to announce the closing of a private placement for gross proceeds of $150,000. Pursuant to this offering, Spider issued 2,500,000 units of Spider (each a "Unit") at the price of $0.06 per Unit. Each Unit consists of one common share of Spider (each a "Common Share") and one common share purchase warrant (each a "Warrant"). The Common Shares are subject to a four-month hold period expiring on December 19, 2006. Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.10 for an 18-month period expiring on February 18, 2008.

Spider will use the net proceeds of the private placement for further exploration of its Ontario properties.

Spider is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ". There are currently 240,344,390 shares issued in Spider including the shares issued in this private placement.

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.

On Behalf of the Board of Directors

Neil Novak, President and CEO

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