Sphere plans $33m capital raising

In a bid to raise over $33 million capital, Sphere Minerals has announced a placement of over 20 million shares across European, Australian and North American markets.

The net proceeds from the placement will be used to complete all pre-development work on the Company's fast-track DSO-style Askaf project; fund Sphere's 50% share of the costs to drill the Tintekrate and Bou Derga deposits with the objective of defining a JORC Code compliant resource for each; and provide general working capital.

The placement was jointly managed by GMP Securities Europe LLP, Euroz Securities Limited and Royal Bank of Canada, and falls within the Company's 15% placement capacity.