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Spider Resources Inc. Announces Cancellation of the Brokered Private Placement

09:28 EDT Wednesday, April 22, 2009

TORONTO, ONTARIO--(Marketwire - April 22, 2009) -

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Spider Resources Inc. ("Spider" or the "Company")(TSX VENTURE:SPQ), announces that it has cancelled the brokered private placement of 78,750,000 common shares of Spider on a best efforts basis for gross proceeds of up to $4,725,000 that was previously announced on February 10, 2009. No subscriptions for the brokered private placement have been filled. The Company is currently re-arranging a new financing for the purpose of funding its expanded exploration program on Spider's projects in the McFauld's Lake area and for working capital purposes.