Sphere Resources Inc. Updates Its Announcement of the US$10.0 Million Secured Corporate Long Term Debt
VANCOUVER, BRITISH COLUMBIA - 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 Feb. 19, 2013 offering of up to US$10.0 million of a five year senior secured debt instrument through a private placement.
The potential investors identified by the Company’s New York advisors, will be assessed over the next few weeks. There are several financial institutions/broker dealers who may participate in the corporate bond financing. This corporate bond approach is new and novel in the area of financing for junior exploration companies. This will give the Company competitive advantage in these difficult financial markets for raising equity capital.
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.”
About Sphere Resources Inc.
Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sphere Resources Inc
Malcolm L Stevens
Phone: +16232077784
mstevens@sphereresources.com
www.sphereresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.