Sphere just continues to charge ahead - not often that you see...

Sphere just continues to charge ahead - not often that you see this sort of confidence in a company !!!

Very rarely discussed on hc or ss but well worth the look and a bit of due diligence ....

Here's the latest annnouncement - after trade last night



" 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. "


cheers !