Spider announces private placement.Spider Resources Inc., which has a series of projects throughout the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see Lowlands as well as a diamond project 35 kilometres north of Wawa, has announced the private placement of up to 18,000,000 units. Up to 8,000,000 flow-through units, to be sold at $0.05 per unit, will consist of one flow-through common share and one common share purchase warrant. Up to 10,000,000 non-flow-through units, also to be sold at $0.05 per unit, will consist of one non-flow-through common share and one common share purchase warrant. Each warrant will be exercisable for one common share of Spider, at $0.10 per share, for a period of two years from the date of the closing of the private placement. The closing of the private placement, which is subject to approval by the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. , is expected to be on or about March 9, 2007. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the flow-through private placement will be used to fund exploration expenses on its projects. |
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