Sphere Resources Inc (TSXV:SPH.H) announced a private placement of senior secured bonds for gross proceeds of $10,000,000 on February 19, 2013. The bond will bear interest at 6.50% per annum and will mature in five years from the date of issuance. The company expects to complete the transaction over the period of two years. The company intends to pay 8% as agents' fees.

On March 25, 2013, the company announced that the potential investors identified by the company's New York advisors, will be assessed over the next few weeks. The transaction may include participation from several financial institutions or broker dealers.

On April 3, 2013, the company announced that Wedgewood Investment Group, LLC will act as an agent to the company. The transaction is expected to close over the next two months. The first interest payment will be made on November 15, 2013. The senior secured bonds will be sold in minimum increments of CAD 100,000 ($98.8060000).

On July 2, 2013, the company announced that the company's executive chairman and president will make final presentations to investors in New York and Norway over the next two weeks.

On August 22, 2013, the company announced that company's executive chairman and president will complete final discussions with selected investors in Europe, Asia and the Middle East over the next two weeks. Afterwards, the company will continue discussions in Latin America until the transaction is completed.