Max...

Good to have you on board posting on the Spider hub. I haven't seen you posting before, so "Greetings".

With regards to an explanation as to why Spider Resources needed cash, and therefore embarked on another private placement, the recent SPQ news release, found on SEDAR, contains this sentence:

Proceeds raised through this private placement will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area.

Now I agree that this is minimalistic in its content but it seems to indicate that Neil Novak and his BOD wants to continue exploring the ROF, and probably the Freewest Option claims.

In Hoov's most recent post discussing the 43-101 announced some weeks ago, he conjectures why SPQ possibly went for more money:

"My thinking is that a confidential discussion with a major (or majors) resulted in them saying they couldn't take to their own board(s) a half-assed 43-101... Extensive diamond drilling, not yet approved. Resource potential, not proven resource. Now, I expect in the intervening four weeks, a new program has been approved, and thus the PP."

Finally, Neil Novak made it very clear to me in conversation that MICON, the engineering company completing the 43-101, may need to do infill drilling to get a complete picture of the mineralization. Perhaps this is where some of the pp money will be spent.

All IMHO

Snug