Sphere Resources Inc. Signs Binding Term Sheet for U.S.$2 Million of Financing for Its Subsidiary, Spartan Gold Ltd., from Tamimi Investments & Mining Co.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/05/12 -- Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (TSX VENTURE: SPH.H), is pleased to make the following announcement:
The Company announces the signing of a binding Term Sheet for U.S.$2 million of equity financing for its subsidiary, Spartan Gold Ltd ("Spartan"), from Tamimi Investments and Mining Co. ("TIMCO"), a Cyprus corporation. If warrants of Spartan issuable to the Company and TIMCO in connection with the transaction are fully exercised, Spartan will receive a further U.S.$3 million.
TIMCO is a group dedicated to seeking out, acquiring and developing natural resource projects and investments that have the capacity of building significant value for investors and stakeholders. TIMCO has an international reach into major resource and mining regions of the globe, with a presence in London, Australia and the Middle East, and is underpinned by a core team of complementary professionals that have an established track record in sourcing, funding, and building value in projects and assets across a range of industries. Sheikh Fahad Al-Tamimi is the founder of TIMCO and has to date, major interests in a diversified portfolio of natural resource investments.
The main terms are the financing transaction among Spartan, TIMCO and the Company are as follows:
Spartan has an option to earn up to 75% of the Poker Flats and Ziggurat properties from Mexivada Mining Corp. The funds raised will be used for the drilling program previously announced on August 7, 2012 and working capital.
Upon completion of the transactions with TIMCO described above, the Company expects that it will have a 30% diluted equity interest in Spartan assuming exercise of all Spartan Warrants.
The Company's participation in the above transactions is subject to any necessary regulatory approvals.
Malcolm Stevens, Executive Chairman of Sphere Resources Inc. commented, "We are very pleased to have reached an agreement with TIMCO for the funding of Spartan for the next funding stage of Poker Flats and Ziggurat. TIMCO's shareholders and management bring much experience from the resource and construction industries globally."
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.
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.
Contacts:
Sphere Resources Inc.
Malcolm L Stevens
Executive Chairman and President
+16479868940
+61396023554 (FAX)
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Datum: 05.09.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 180395
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Mining & Metals
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