I just wanted to confirm that the SPQ private placement was on a "best effort basis". Here's the news release as found on SEDAR.

Snug

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SPIDER RESOURCES INC. ANNOUNCES BROKERED PRIVATE PLACEMENT

TORONTO, ONTARIO--(Marketwire – February 10, 2009)

Spider Resources Inc.

("Spider") (TSX VENTURE:SPQ), is pleased to announce that it has entered into an agreement with IBK Capital Corp. (“IBK”), whereby IBK will place up to 78,750,000 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.

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 316,211,767 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO