Spider Resources Inc.

Spider Resources Inc.

October 25, 2005 09:29 ET

Spider Completes Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 25, 2005) - Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider") is pleased to announce the closing of a private placement pursuant to which Spider issued 8,480,000 units ("Units") of Spider at $0.05 per Unit for gross proceeds of $424,000. Each Unit consists 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.

Spider will use the gross proceeds of the 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" and there are currently 212,603,280 shares of Spider issued and outstanding.

On Behalf of the Board of Directors.

Neil Novak, President and CEO

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 this release and it does not accept responsibility for its adequacy or accuracy.

Contact Information

  • Spider Resources Inc.
    Neil Novak
    President and CEO
    416 815 8666
    Spider Resources Inc.
    Jim Voisin
    Communications Manager
    519 699 5352