Welcome To The Spider Resources HUB On AGORACOM
First Explorer at the "Ring of Fire" and presently drilling on the "BIG DADDY" Chromite/Pge's jv'd property...yet we were robbed
Message: My FAX to Mr. Novak
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Below I have the text of a FAX, which I am sending to Neil Novak at 8:00 a.m. tomorrow morning. I am sending a FAX because I want Mr. Novak to have "hard copy".
Snug
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June 3, 2008 Neil NovakCEOSpider Resources Dear Mr. Novak:I am very concerned about Resolution #12. It sends the wrong message to shareholders of Spider Resources. The history of share consolidation by junior companies is overwhelmingly negative. And I believe that the reasons given by the Company are just not strong enough to mitigate potentially tremendous capital losses by Company investors.Significant discussion, which probably is transparent to you, is taking place amongst many, many retail investors. A large number of these investors are voting AGAINST Resolution #12. Many of these investors each hold 100’s of thousands of SPQ shares. Furthermore, there is real concern about the 40% devaluation in share price after the recent announcement of the potential reverse split; but there is also a genuine concern that this devaluation will continue no matter the value upcoming assays because of Resolution #12.It is my belief, and that of my investor friends, that Spider Resources has a very bright future. It seems to have excellent mineral potential on its joint venture claims and it has intelligent, hardworking management. However, for every shareholder including Management, Resolution #12 jeopardizes all of this. Plain and simple, the optics of Resolution #12 for Spider Resources are really bad: for Spider Resources, for Management, for shareholders, and for the share price.My strong suggestion is that, at a minimum, Spider Resources’ management and Board of Directors should issue a statement that an error has been made in promoting the idea of potential share consolidation. Then, in a very positive manner, the Company can state it and its shareholders believe strongly in its present exploration strategy and potential. And finally, The Company will let future assay results dictate future Company growth and wealth generation for its shareholders.Regards,
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