I don't have the Spider rights plan but looking at the KWG rights plan the separation date is date at which the rights trade separately from the stock - until that date it is impossible to sell your stock without selling the associated right. After the separation date you will have a separate certificate for the right which can be sold independantly.

As in your example the separation date for KWG is the earliest of three things and if SPQ is similar was triggered by the bid circular.

At this date although theoretically exercisable the right is priced so that it uneconomical to exercise (three times market price.)

The next important event is the flip-in event which occurs when a hostile acquirer reaches a 20% ownership stake. Ten days after this occurs the right become highly economical for everyone except the acquirer.

Hypothetically this how it could work.

Jun. 11 the bid is still active - the rights separate - the exercise price is set at three times current market price - say $0.42 (3*$0.14)

July. 4 CLF announces they have received and taken up 68% of outstanding shares. This constitutes a flip-in event. The market price on this day was $0.21 sense. (CLF upped the offer after the separation date.)

July 14 the rights change so that everyone except the acquirer can now buy twice the exercise price worth of share for the exercise price so a right-holder has the right to buy 4 shares ($0.84 market value) for $0.42 or $0.105 each.

This example assumes CLF waives the condition in its offer that the BOD not activate the rights.