Spider 30.66-million-FT-and-NFT-share financing

2007-11-02 16:27 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced Sept. 24, 2007.

Shares: 20 million flow-through shares and 10,666,666 non-flow-through shares

Purchase price: nine cents per share

Warrants: 30,666,666 share purchase warrants to purchase 30,666,666 shares

Warrant exercise price: 17.5 cents for a two-year period

Hidden placees: 26

Insiders: Earl Coleman 560,000; Neil Novak 280,000; James M. Franklin 200,000; Bryan Wilson 63,333

Pro groups: Minh-Thu Dao-Huy 220,327; Robert Hannah 300,000

Agent's fee: $248,400 in cash and 3,066,666 broker warrants payable to IBK Capital Corp., Toronto, Ont. Each broker warrant entitles the holder to acquire one unit at nine cents for a two-year period.

For further details, please refer to the company's news release dated Oct. 15, 2007.