Progress on the US$10.0 Million Secured Long Term Debt
Vancouver, Aug 24, 2013 AEST (ABN Newswire) - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (NEX - SPH.H), is pleased to make the following announcement:
The Company would like to update its shareholders to the previously announced news release dated July 2, 2013 offering of up to US$10.0 million of a five year senior secured debt instrument through a private placement.
In conjunction with the Company's New York advisors and as part of the selection process of funding from financial institutions/broker dealers, the Company's Executive Chairman and President will complete final discussions with selected investors in Europe, Asia and the Middle East over the next two weeks. Following these discussions the Company will continue discussions in Latin America until the debt offering is fully subscribed. Funds raised will be used to carry out drilling programs on both the Canadian and US properties in which the Company has interests. The injection of new capital will also provide working capital for the Company and its 52% owned affiliate, Spartan Gold Ltd. (OTCBB:SPAG).
The Company will focus its exploration efforts on areas of high grade gold on its highly prospective Poker Flats project in the Carlin Trend, Nevada. The Poker Flats property has the attributes to host a potential high grade deposit such as the high grade gold discovery approximately 500 meters from Sphere's western border identified by Gold Standard Ventures Corp. at the North Bullion Fault Zone on its Railroad property.
The Company intends to complete a CSAMT/IP survey followed by a 3,000 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade gold discovery and other targets.
Malcolm L Stevens, Executive Chairman and President of Sphere Resources Inc commented: "We are very pleased to be working on a new financing technique to aggressively explore the Company's properties which could elevate the Company to a new level in respect of its industry peers."
On behalf of Sphere Resources Inc
Malcolm L Stevens,
Executive Chairman and President
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward looking statements. Forward looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. In respect of the Debt Offering market interest rates may move upwards which may require the interest rate to be amended. The debt offering by Agent(s) may not be successful due to adverse changes in the financial markets.
Contact
Sphere Resources Inc
Malcolm L Stevens
Phone: +16232077784
mstevens@sphereresources.com
www.sphereresources.com
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