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: press release
SPIDER RESPONDS TO UNSOLICITED OFFERTORONTO, ONTARIO ( June 1, 2010) - Spider Resources Inc. ("Spider" or the "Company") (TSX V: SPQ) continues to move forward with the proposed amalgamation of Spider with KWG Resources Inc. ("KWG"), previously announced on May 25, 2010. The board of directors of Spider believes that the proposed merger with KWG will add value to shareholders of Spider by combining the assets of the two companies so that the resultant company has a majority or fully-owned position in each property in its portfolio. A further consequence of the merger would be the unification of the operatorship of the "Big Daddy" chrome deposit for the duration of the option period and for so long into the ensuing joint venture as the merged company holds an interest greater than 50% in the "Big Daddy" project. Following the merger, the combined company would hold a current interest of 53% in the Big Daddy deposit, with the option to earn a further 7% to achieve a 60% interest in the project. As previously announced (see release dated May 25, 2010), Spider has formed a Special Committee of independent directors to oversee the proposed merger process with KWG and now to respond to the take-over bid made by 7557558 Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (the "Cliffs Bid"). The committee is comprised of Messrs. Earl Coleman, Norman Brewster, Bryan Wilson and newly elected Hubert Marleau. Mr. Earl Coleman serves as Chair of this Special Committee. The board of directors of Spider has extended the Separation Time as defined in the Company's shareholder rights plan to June 11, 2010 so that the board and the Special Committee of Spider has sufficient time to consider and assess the Cliffs Bid. The board of directors may consider such further extensions of the Separation Time as may be appropriate. In the interim, the board of directors of Spider urge shareholders to take no action with respect to the Cliffs Bid. In addition, Spider has appointed Laurel Hill Advisory Group to assist Spider with the Company's Special Meeting. Laurel Hill has established the following toll free telephone line to take shareholders questions on the meeting: 1-877-304-0211. Neil Novak, President of Spider, provided additional commentary concerning these matters in an interview on BNN last week. To hear the interview, click here: http://www.youtube.com/spiderresources. About Spider Resources Inc. Spider Resources Inc. is the "Spark that set off the Ring of Fire". Spider, the Pioneer Explorer in the James Bay Region of Northern Ontario since 1993 was responsible for the discovery of eight kimberlites (1994-95), ten VMS occurrences, including two VMS deposits (2002-2006), one chromite deposit (2006). Regional geophysical surveying and other exploration efforts as initially conducted by Spider formed the exploration data-set that lead to the first discovery of Chromite in the area in February '06, in a peridotite intrusion, and about a year later lead to the eventual discovery of additional chromite deposits and related Magmatic Massive Sulphide Nickel Deposit by others. 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 493,586,575 shares issued in Spider. For further information concerning Spider Resources Inc., please contact: NEIL D. NOVAK, P.Geo. President and CEO Direct: 416-203-8636 Email: info@spiderresources.com Website: www.spiderresources.com Toll Free: 1-877-304-0211 Email: assistance@laurelhillag.com Neil Simon, Investor Relations Principal, Investor Cubed Inc. Fax: (416) 640 7771 Toll Free 1 888 258 3323 This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.This press release includes certain "Forward-Looking Information" within the meaning of the Securities Act (Ontario). Other than statements of historical fact, all information is "Forward-Looking Information" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on this "Forward-Looking Information". All dollar amounts are Canadian dollars unless otherwise noted.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
press relea
SPIDER RESPONDS TO UNSOLICITED OFFERTORONTO, ONTARIO ( June 1, 2010) - Spider Resources Inc. ("Spider" or the "Company") (TSX V: SPQ) continues to move forward with the proposed amalgamation of Spider with KWG Resources Inc. ("KWG"), previously announced on May 25, 2010. The board of directors of Spider believes that the proposed merger with KWG will add value to shareholders of Spider by combining the assets of the two companies so that the resultant company has a majority or fully-owned position in each property in its portfolio. A further consequence of the merger would be the unification of the operatorship of the "Big Daddy" chrome deposit for the duration of the option period and for so long into the ensuing joint venture as the merged company holds an interest greater than 50% in the "Big Daddy" project. Following the merger, the combined company would hold a current interest of 53% in the Big Daddy deposit, with the option to earn a further 7% to achieve a 60% interest in the project. As previously announced (see release dated May 25, 2010), Spider has formed a Special Committee of independent directors to oversee the proposed merger process with KWG and now to respond to the take-over bid made by 7557558 Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (the "Cliffs Bid"). The committee is comprised of Messrs. Earl Coleman, Norman Brewster, Bryan Wilson and newly elected Hubert Marleau. Mr. Earl Coleman serves as Chair of this Special Committee. The board of directors of Spider has extended the Separation Time as defined in the Company's shareholder rights plan to June 11, 2010 so that the board and the Special Committee of Spider has sufficient time to consider and assess the Cliffs Bid. The board of directors may consider such further extensions of the Separation Time as may be appropriate. In the interim, the board of directors of Spider urge shareholders to take no action with respect to the Cliffs Bid. In addition, Spider has appointed Laurel Hill Advisory Group to assist Spider with the Company's Special Meeting. Laurel Hill has established the following toll free telephone line to take shareholders questions on the meeting: 1-877-304-0211. Neil Novak, President of Spider, provided additional commentary concerning these matters in an interview on BNN last week. To hear the interview, click here: http://www.youtube.com/spiderresources. About Spider Resources Inc. Spider Resources Inc. is the "Spark that set off the Ring of Fire". Spider, the Pioneer Explorer in the James Bay Region of Northern Ontario since 1993 was responsible for the discovery of eight kimberlites (1994-95), ten VMS occurrences, including two VMS deposits (2002-2006), one chromite deposit (2006). Regional geophysical surveying and other exploration efforts as initially conducted by Spider formed the exploration data-set that lead to the first discovery of Chromite in the area in February '06, in a peridotite intrusion, and about a year later lead to the eventual discovery of additional chromite deposits and related Magmatic Massive Sulphide Nickel Deposit by others. 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 493,586,575 shares issued in Spider. For further information concerning Spider Resources Inc., please contact: NEIL D. NOVAK, P.Geo. President and CEO Direct: 416-203-8636 Email: info@spiderresources.com Website: www.spiderresources.com Toll Free: 1-877-304-0211 Email: assistance@laurelhillag.com Neil Simon, Investor Relations Principal, Investor Cubed Inc. Fax: (416) 640 7771 Toll Free 1 888 258 3323 This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.This press release includes certain "Forward-Looking Information" within the meaning of the Securities Act (Ontario). Other than statements of historical fact, all information is "Forward-Looking Information" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on this "Forward-Looking Information". All dollar amounts are Canadian dollars unless otherwise noted.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
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