( CA ) 07/09 09:56AM KWG to retain its Spider shares
Symbol on TSX Venture Exchange: KWG
Shares issued and outstanding: 589,549,206
MONTRIAL, July 9 /CNW/ - KWG Resources Inc. (TSXV: KWG) ("KWG") advises
that it will not tender its holdings of common shares in Spider Resources Inc.
(TSXV: SPQ) ("Spider") to the takeover offer made by a subsidiary of Cliffs
Natural Resources Inc. ("Cliffs"). Based on the independent valuations
recently undertaken by KWG, it has determined to retain its Spider shares
until such time as Cliffs proceeds with its stated intention of acquiring the
remainder of the Spider shares held by shareholders who do not accept the
offer, pursuant to an amalgamation or other acquisition transaction or a
statutory squeeze-out. At that time KWG will have the statutory right to
dissent and to demand to be paid, and to be paid, the fair value of its Spider
shares, which KWG believes will exceed the $0.19 per share being offered by
Cliffs.