Spider Resources Inc.
TSX VENTURE : SPQ

Spider Resources Inc.

October 07, 2005 12:57 ET

Spider Announces Revised Unit Price Of Flow-Through Private Placement And Second Private Placement Of Units

TORONTO, ONTARIO--(CCNMatthews - Oct. 7, 2005) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ) previously announced a flow-through offering in which Wellington West Capital Inc. is acting as agent on a best efforts basis, for up to 12,500,000 units of Spider (each a "Unit") at $0.08 per Unit. Each Unit will consist of one flow-through common share of Spider and one common share purchase warrant, each of which entitles the purchaser to purchase one common share that is not a "flow-through" share of Spider at an exercise price of $0.10 per share for a period of two years from the date of the closing of the private placement.

Spider is amending the price per Unit to $0.07 per Unit and is amending the maximum size of the offering to up to 14,285,714 Units. Wellington West Capital Inc., acting as agent, shall 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 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 closing of the private placement will be on or about October 14, 2005, in advance of the second private placement described below.

Spider also wishes to announce a second private placement pursuant to which Spider shall issue up to 10,000,000 Units of Spider at $0.05 per Unit. Each Unit will consist of one common share and one common share purchase warrant of Spider, each of which will entitle the purchaser to purchase one common share of Spider at a price of $0.10 per share for a period of eighteen months from the date of the closing of 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 closing of the private placement will be on or about October 17, 2005, following the first closing of the flow-through private placement.

Spider will use the gross proceeds of the second private placement for general corporate purposes.

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 195,846,995 shares issued and outstanding in Spider.

For more information on Spider Resources Inc. and its 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.

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