SPIDER RESOURCES INC. ANNOUNCES WARRANT AMENDMENT APPLICATION
http://www.thenewswire.ca/archives?tnwarchive2=release_id%3D477
TORONTO, ONTARIO - (October 9, 2009) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce that an application has been made to the TSX Venture Exchange (the "TSX-V") to amend certain terms of 30,666,666 warrants (the "Warrants"), which were issued by Spider on October 11, 2007 as part of a brokered private placement of flow-through and non flow-through units of Spider. Each Warrant is exercisable at a price of $0.175 per share until October 11, 2009.
Spider has applied to amend the terms of the Warrants as follows: (i) extend the term of the Warrants by one year until October 11, 2010, and (ii) reduce the exercise price of the Warrants from $0.175 per share to $0.10 per share (collectively, the "Warrant Amendment"). As part of the process for the application Spider has received consents from 100% of the beneficial owners of the Warrants to these amended terms. The remaining terms and conditions of the Warrants remain unchanged. The TSX-V has conditionally consented to the Warrant Amendment.
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 389,545,100 common shares issued in Spider.On behalf of the board of directors,Neil Novak, President and CEO
Phone: 416 203-8636
Fax: 416 815-1355
Website: www.spiderresources.com
Corporate Office: 50 Richmond Street East, Suite 101, Toronto, ON M5C 1N7
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.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
