Spider fifth most active conference
Spider Resources Inc SPQ
Shares issued 90,075,727 Aug 13 close $0.06
Mon 16 Aug 99
Week ended Aug. 13th
by Stockwatch business reporter
Spider Resources was last reviewed in Forum Watch for the week ended July
16, slipping back into fifth position among Canada Stockwatch's most active
conferences. On July 28, the Alberta Securities Commission revoked the
cease trading order against Spider. On Aug. 6, the company issued a review
of its operations in Brazil, including the limited sampling program on the
Contendas diamond target. The company noted that the condition of the
resource sector provided limited financing alternatives, consequently
exploration activities had been substantially reduced. Trading in Spider
resumed on Aug. 13 and the company announced that a 1,000-metre drilling
program would begin on the Alta Paranaiba diamond property in Brazil.
According to WILDCAT, the cease trading order against Spider was a
conspiracy against the company. He went on to claim that management and
officers of the company had a lack of respect for shareholders and were
guilty of a gross dereliction of duty. Gemcutter seemed more sanguine,
arguing that the directors had received no compensation in the past year
and that they appeared to be seeking shareholder approval for their plans.
He also indicated that he was in favour of the proposed share
consolidation. Following the announcement of the resumption of trading,
Morpheus suggested that there would be a massive exodus by shareholders
concerned that Spider's share price would fall to one cent. Apparently
Pedro had similar concerns, expressing some surprise at the early trading
activity: "I am a little surprised. I thought there would be some panic
selling before the consolidation. Maybe Gemcutter is the only one who has
received a proxy so far." As it turned out, trading was light and Spider
closed out the week at six cents. |
