…as Snugs has put up the link to the message below in his last post I must post the following:
… below is part of a post which was posted by Snugs on Nov. 10th, since the news release it is clear that the highlighted points in his post are inaccurate… below Snug’s post is the news release which explains correctly what the P.P. funds raised will be used for… it is clearly explained Snugs, these funds will be used for “an expanded exploration program” on Spider projects in the McFauld’s Lake area… as per the news release… perhaps you were unaware of the error in your report…
…** as a leader in this community I felt it to be my responsibility to point out that Snugs, a fellow hub leader, had erred in his phone call summary with Neil Novak of certain facts regarding the use of p.p. funds to be raised, … this is not meant to slight in any way Snug’s contributions to this or any other hub, clearly I am only pointing out the error, as those contributions are appreciated by all… kelsee
Posted by: SnugTheJoiner on November 10, 2008 03:41PM
http://agoracom.com/ir/Spider/messag...
I spent about 30 minutes this afternoon chatting with Neil Novak. It was to my mind a very useful discussion which gives my a very good feeling about Spider Resources going forward into 2009.
Is this company a "slam dunk"? No. But read on to see whether you feel comfortable about investing your money in a "high risk, high reward" junior explorer.
The SPQ Board of Directors asked Neil to meet with IBK Capital to ask for some financing, some more flow-through funds. He met with IBK about a week ago. Neil's professional relationship with IBK reaches back quite a number of years, and IBK seems to believe strongly in Neil's vision for Spider Resources.
Here are the main points:
1) Today's financing is a flow-through (FT) financing which will not be used for drilling. This money will be used to prepare a 43-101 on the first Freewest Option drilling program finished at the end of October.
(There is no drilling going on at present by Spider Resources. The drill at the Freewest Option stopped at the end of October.)
2) The FT money will be spent on a 43-101 (based on the Freewest Option drilling), which will be prepared by an international firm with expertise in chromite. International geologist's fees, site visits, metallurgical work, administrative work, and a radiometer survey are part of the cost of this 43-101 preparation.
…now the Spider news release: Nov. 10th….
TORONTO, ONTARIO--(Marketwire - Nov. 10, 2008) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce that it has entered into an agreement with IBK Capital Corp. to complete a private placement, on a best efforts agency basis, of up to 10,000,000 flow-through units at a price of $0.05 per unit, each unit consisting of one common share of Spider (issued on a flow-through basis) and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share of Spider (which share shall not be issued on a flow-through basis) at a price of $0.05 for a period of one year from the date of issue and thereafter at a price of $0.10 for a period of two years from the date of issue.
Spider will pay a cash commission and issue broker's warrants to IBK Capital Corp. in connection with the private placement in accordance with TSX Venture Exchange policies. The securities issued under the private placement will be subject to a hold period from the date of issuance in accordance with applicable securities laws and TSX Venture Exchange policies. The private placement is subject to regulatory approval, including that of the TSX Venture Exchange.
Proceeds raised through this private placement will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area.
About Spider Resources Inc.
Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 310,311,767 shares issued in 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Spider Resources Inc.
Toronto Head Office
#1000, 15 Toronto St. Toronto Ontario
M5C 2E3 Canada
(416) 815-8666
Website: www.spiderresources.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
