What does the following mean to current Corporate level Activity at SPQ?

And what are the real implementations of Giving ~19.9 % control to a (small Group of) investor(s) at such a proposed PP offering Price?

What assurances can we get that these PP Shares will not be used to Vote something such as a Premature R/S, seeing as mention of considering doing a R/S has been raised on this SPQ Discussion Forum?

"From Page 30 of SPQ's December 31, 2008 and 2007 Financial Statements filed on SEDAR under:

14. SUBSEQUENT EVENTS:

(ii) On March 27, 2009, the Company negotiated an amendment to the Freewest option agreement whereby the option earn-in calls for a $15 million, three-year commitment. As a result of this amendment, the Company no longer is required to prepare a bankable feasibility study within 18 months, as had been called for in the 2005 agreement. Spider now has a $7.5 million commitment over the next three years, of which $2.5 million is required to be spent before March 31, 2010."

One thing I can figure is that doing a "bankable feasibility study" is deemed no longer expected (by FWR, if not also SPQ and or KWG) due to Expectation(s) of there being some assurance that the JV Big Daddy Project will not be in the Possession of ANY of the JV Partners by Sept. 2010.

Also, as of Dec. 31, 2008, there was in excess of $3 Million cash on hand. Thus, how much has been spent since then. Micron will have received their Fee and there would be ~ 1/4 of annual Administrative/Legal expenses incurred. Thus, how much will there be remaining in the Kitty for doing the $2.5 Million in Commitment to the Big Daddy Project?

Would it not be to our benefit (ALL Share Holders) to proceed through to Sept./Oct. 2009 with Exploration Work before considering any thing like doing a PP, let alone something the likes of a R/S.

$5 Million in exploration by NEXT March is quite a lot given the AREA SPQ?KWG have to focus on.

$2.5 Mollion over the Summer and another $2.5 Million before Ferrze Up, with a PP while the latter Exploration Program is underway would allow acceleration on the Year 2 and Year 3 phases of this NEW JV Revision.

Remember that much is happening in the Big Daddy Area and along with SPQ's Exploration. These other Explorers will be reporting VERY MUCH to their Share Holders over this time frame. And ALL of it is expected to only GREATLY INCREASE the Total Real Potential/Value for Each and Every Company having already demonstrating Very Good, if not Excellent Potential/Value. Spider Resources VERY MUCH INCLUDED.

Old Joe

PS: Early AM Saturday Quaterbacking!?