Yesterday, on the recent news about the resolving of one of the most painful issues related to Spider Resources Inc. (Spider), KWG Resources Inc. (CVE:KWG), (PINK:KWGBF) stock broke the web of its downward direction.KWG stock became one of the most demanded goods on the TSX Venture Exchange.
The shares of Spider Resources Inc. surged 14.29% between the sessions, closing lower than the offered price for Spider Resources Inc., but with a dramatic volume traded.
More than 10.8 million shares changed hands, just like a few good months ago.
The long story related to the shares of Spider Resources Inc. was “hot” for the last time during this hot summer.
In July, KWG advised that it will not tender its holdings of common shares in Spider Resources Inc. to the takeover offer made by a subsidiary of Cliffs Natural Resources Inc.(Cliff).
A the beginning of this October, according to the official filings of Spider Resources Inc., the company has completed its previously announced amalgamation and the related press release was titled “Spider completes amalgamation resulting in Cliffs owning 100% of Spider”.
According the it, the shares of Spider were delisted from the TSX Venture Exchange on October 6, 2010.[BANNER]
Though, this Monday the shares of KWG Resources Inc. were expected to soar on the company’s news to raise up to $3 million for working capital needs, their price remained unchanged. Maybe one of the reasons was that KWG has received conditional listing approval from the TSX Venture Exchange for the private placement.
Yesterday, KWG Resources Inc. announced that it accepts Cliffs offer of $0.19 per share for all of its shares of Spider Resources Inc.
The news maybe put the end of the long Spider’s saga, since the acceptance of the offer by KWG effects “a termination of its dissent in the recent amalgamation of Spider with a wholly-owned subsidiary of Cliffs, after Cliffs acquired 85% of Spider’s outstanding shares.”
