Spider Resources Inc.

Spider Resources Inc.

September 24, 2007 10:55 ET

Spider Resources Inc. Announces Proposed Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2007) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce that it has retained IBK Capital Corp. of Toronto, to undertake a proposed private placement.

The private placement on a best-efforts basis will consist of flowthrough and non-flowthrough shares. The amount to be raised in the private placement of flowthrough units is up to $1,550,000, consisting of up to 17,222,222 units. Each unit consists of one flowthrough share and one warrant at $0.09 per unit. One warrant allows the holder to acquire one common share of Spider at Can. $0.175 for a period of two (2) years from the date of issue.

The amount to be raised in the private placement of hard dollars is up to $700,000, consisting of up to 7,777,778 units at $0.09 per unit. Each unit consists of one common share and one warrant. One warrant allows the holder to acquire one common share of Spider at Can. $0.175 for a period of two (2) years from the date of issue.

The purpose of funds will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area and to provide working capital for general corporate purposes.

A commission is payable to IBK Capital Corp. on the funds raised.

About IBK Capital

IBK Capital Corp. is an independent, privately owned investment banking firm which offers a full range of services for the mining sector. Such services include, among others, merger, acquisition and divestiture advisory services, business valuations, fairness opinions, takeover defense planning, project financing and private placements of equity and debt instruments. Bill White, President of IBK Capital, has long-term background in financing the mining industry.

About Spider Resources

Spider Resources has undertaken some of the original exploration work in the McFauld's Lake area, in partnership with KWG and DeBeers. Spider has a large land package in the McFauld's Lake area and has claims nearby and partly surrounding claims (The Condor/Greenstone Option) held by Noront Resources Ltd. in the James Bay Lowlands area. Noront recently released partial results from its first hole of the diamond drilling program (See Noront News Release dated 09/10/2007).

Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are 242,193,535 shares issued of 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.

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

Contact Information

  • Spider Resources Inc.
    Contact Toronto Head Office
    #1000, 15 Toronto St.
    Toronto Ontario, M5C 2E3 Canada
    (416) 815-8666
    Spider Resources Inc.
    Jim Voisin
    Communications Manager
    (519) 699-5352
    Website: www.spiderresources.net