Spider 71.8-million-FT-and-NFT-share financing

2010-01-28 16:25 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced Dec. 16, 2009.

Shares: 48,496,667 flow-through shares and 23.31 million non-flow-through shares

Purchase price: six cents per flow-through share and five cents per non-flow-through share

Warrants: 71,806,667 share purchase warrants to purchase 71,806,667 shares

Warrant exercise price: 10 cents for a two-year period

Insiders: James Burns 165,000; Carmen Diges 1.89 million

Pro groups: David Jones 250,000; Jean-Francois Reid 85,000; Alberto Galeone one million; Vic Alboini 416,667; Bryan Paul 250,000; Bill Godson 500,000; Michael Winiker 200,000; Glen Cooke 700,000; Jane McKenna 500,000; Bob Zarchekoff one million; Wayne J. White 1.24 million; Alamy Holdings Inc. 760,000; Bernard Leroux 200,000; Thomas W. Seltzer 300,000; Jason Gold 100,000; Bradley Smith 100,000; Arie Papernick 206,670; Tony and Usha Randhawa 100,000

Agent's fee: An aggregate of $314,160 in cash and 6,933,497 broker warrants payable to Sandfire Securities Inc. and its selling group. Each broker warrant entitles the holder to acquire one unit at six cents (4,602,497 warrants) and at five cents (2,331,000 warrants) for a two-year period.

Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

For further details, please refer to the company's news releases dated Dec. 31, 2009, and Jan. 25, 2010.