West Perth company Sphere Investments Ltd has announced the placement of 34.7 million fully-paid ordinary shares to institutional and other major clients of Euroz Securities Limited at $1.00 per share.
West Perth company Sphere Investments Ltd has announced the placement of 34.7 million fully-paid ordinary shares to institutional and other major clients of Euroz Securities Limited at $1.00 per share.
The placement, to raise $34.7 million, is subject to shareholder approval for which a notice of meeting will be dispatched shortly.
This is in addition to the placement of 10,300,000 fully-paid ordinary shares at $1.00 per share
placed to Saudi Iron and Steel Company (Hadeed) announced last week that was settled today.
The cumulative amount raised by the Company as a result of the placements is $45 million, before issue related costs.
The Company is now fully funded to earn its 50 per cent interest in the joint-venture with SNIM, Mauritania's established iron ore producer, and complete a bankable feasibility study on the joint venture's Guelb el Aouj Project.,
It also enables it to carry out exploration on its other projects as well as meet working capital requirements beyond the completion of the feasibility study scheduled for the end of the first quarter of calendar year in 2007.
An Appendix 3B is attached.
THE FULL ASX ANNOUNCEMENT APPEARS BELOW.
ASX ANNOUNCEMENT
RELEASE DATE: 16 March 2006
TO: Manager Companies
Australian Stock Exchange
Company Announcements Office
CONTACT: Alexander Burns (08 9322 5222)
RE: Share Placements totaling $45 million at $1.00 per share
PAGES: 1 of 1
Dear Sirs
Sphere Investments Limited is pleased to announce the placement of 34,700,000 fully-paid ordinary
shares to sophisticated and institutional clients of Euroz Securities Limited at $1.00 per share to
raise $34,700,000 (before issue related costs). The placement is subject to shareholder approval for
which a Notice of Meeting will be dispatched shortly.
This is in addition to the placement of 10,300,000 fully-paid ordinary shares at $1.00 per share
placed to Saudi Iron and Steel Company (Hadeed) announced last week that was settled today. The
cumulative amount raised by the Company as a result of the placements is $45,000,000 before issue
related costs.
The Company is now fully funded to:
1. Earn its 50% interest in the joint-venture with SNIM, Mauritania's established iron ore
producer, and complete the Bankable Feasibility Study (BFS) on the joint venture's Guelb el
Aouj Project.,
2. Carry out exploration on its other projects as well as meet working capital requirements
beyond the completion of the BFS scheduled for the end of the first quarter of calendar year
2007.
Yours sincerely
Sphere Investments Limited
Alexander Burns
Managing Director
