03:33 PM EST - Spider Resources Inc. : notified KWG Resources Inc. that Cliffs Natural Resources Inc (Cliffs) has made a Spider Alternative Proposal (as defined in the combination agreement among KWG, its wholly-owned subsidiary, 7569076 Canada Inc (KWG Subco) and Spider dated as of June 11, and that the board of directors of Spider has determined such proposal to be a Spider Superior Proposal (as defined in the Combination Agreement). If the Spider Superior Proposal is proceeded with, Cliffs will increase the offer price under its takeover bid for the outstanding common shares of Spider and associated rights under Spider's shareholder rights plan (collectively the Spider Shares) to $0.165 per Spider Share. Spider Resources Inc.
shares V.SPQ are trading up $0.005 at $0.17.
