11:54 AM EST - Spider Resources Inc. : announced that Cliffs Natural Resources Inc. has increased its ownership of Spider Resources to 85% after taking up and paying for an additional 22.2 million Spider shares validly tendered to its offer that expired on July 26. Cliffs intends to proceed with a going private amalgamation transaction to acquire the remaining shares of Spider according to the provisions of the applicable corporate and securities laws. Cliffs expects this transaction to be completed in the fourth quarter of 2010. Cliffs noted that the price under the expired offer was $0.19 per Spider share, implying a total equity value for Spider of $125.5 million. Spider Resources Inc.
shares V.SPQ are trading up $0.005 at $0.19.
