Spider arranges $4.72-million private placement

James Bay Lowlands & Bob Lake Saskatchewan

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Gramps1996

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Spider arranges $4.72-million private placement

posted on Feb 10, 2009 09:53AM

Spider arranges $4.72-million private placement

posted on Feb 10, 09 02:28PM

Spider arranges $4.72-million private placement

2009-02-10 14:19 ET - News Release

Mr. Neil Novak reports

SPIDER RESOURCES INC. ANNOUNCES BROKERED PRIVATE PLACEMENT

Spider Resources Inc. has entered into an agreement with IBK Capital Corp., whereby IBK will place up to 78.75 million common shares of Spider on a best-efforts basis for gross proceeds of up to $4,725,000 by way of a private placement.

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.