VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / August 18, 2014 / Sphere Resources Inc. (the "Company"), listed on the NEX Board of the TSX Venture Exchange (NEX – SPH.H), announces the issue of 45 million Class A Non- Voting Shares at half a cent per share for net proceeds of $225,000. This is Phase 1 of the issue of Class A Non-Voting shares. The Company intends to raise further funds later this year by the issue of the same class of shares.
This follows the news release by the Company dated August 11, 2014 which announced the approval of the Amendment to the Articles by Shareholders at the Annual General meeting of Shareholders held on June 25, 2014.The Amended Articles have been signed and sent for filing.
The Amendment to the Articles allows for the issue of a new share class, Class A Non-Voting shares. The Company has been in negotiations with an investment bank regarding the offering of Class A Non-Voting Share which will be issued in jurisdictions outside Canada and the United States. No listing of the Class A Non-Voting Shares will be sought on any stock exchange or other public trading market in Canada or the United States.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sphere Resources Inc
Malcolm L Stevens
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.
SOURCE: Sphere Resources Inc.