Sphere Resources Inc. announced the offering of up to $10.0 million of five year senior secured debt instrument through a private placement. The debt instrument has an interest rate of 6.5% payable annually. All the assets of the company will be secured under the debt instrument.

The company anticipates completing the placement over the next two months. 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.