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

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Boatboy

Rank: President [?]

Points: 7484 [?]

Votes: 238 Score: 3.5 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

KWG issues statement

posted on Jun 29, 2010 09:51AM

KWG Special Committee determines that Cliffs' Amended Offer is not a Spider Superior Proposal

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES/

    Symbol on TSX Venture Exchange: KWG
    Shares issued and outstanding: 589,549,206

MONTRÉAL, June 29 /CNW/ - The Special Committee of the Board of Directors of KWG Resources Inc. ("KWG") has determined that the amended offer of Cliffs Natural Resources Inc. (the "Amended Offer") in respect of the common shares of Spider Resources Inc. ("Spider") is not a Spider Superior Proposal (as defined in the combination agreement among KWG, its wholly-owned subsidiary, 7569076 Canada Inc., and Spider dated as of June 11, 2010). KWG understands that Spider's board of directors concluded that the Amended Offer constituted a Spider Superior Proposal within only one hour or less of receipt of the Amended Offer.

The Special Committee of KWG, with the assistance of its financial and legal advisers, will continue to consider what steps to take as a result of the foregoing determination.

10 Recommendations

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Please to post a reply