Spider Resources Inc.

Spider Resources Inc.

March 23, 2006 16:10 ET

Spider Announces Flow-Through Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 23, 2006) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ) announces a flow-through offering for which Wellington West Capital Inc. ("Wellington West") will act as agent on a commercially reasonable best efforts basis. Pursuant to the flow-through private placement, Spider shall issue up to 10,714,285 flow-through units at $0.07 per unit. Each unit will consist of one flow-through share and one common share purchase warrant. Each whole warrant will be exercisable for one common share of Spider at $0.10 per share for a period of two years form the date of the closing of the private placement. Wellington West will receive a fee of 7% of the gross proceeds of the private placement and common share purchase warrants in a number equal to 10% of the number of flow-through units issued pursuant to the private placement. The private placement is subject to the completion of final documentation and the approval of the TSX Venture Exchange. It is anticipated that the date of the first closing of the private placement will be on or about April 19, 2006.

Spider will use the net proceeds of the flow-through private placement to incur CEE expenditures 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 216,442,680 shares issued in Spider.

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
    Spider Resources Inc.
    Jim Voisin
    (Communications Manager)
    (519) 699-5352