Sphere Resources Inc (TSXV:SPH.H) announced a non-brokered private placement of 7,142,857 units at a price of CAD 0.07 per unit for gross proceeds of CAD 500,000 on April 27, 2012. Each unit will consist of one common share and one-half of one common share purchase warrant of the company. Each whole warrant will be exercisable to purchase one common share of the company for a term of 12 months from the date of issue of the warrant at a price of CAD 0.10 during the first six months of the term and CAD 0.15 during the last six months of the term. The securities issuable in the private placement will have a hold period of four months from the closing. A finder's fee is payable in respect of this placement.

As of June 30, 2012, the company has not closed its private placement.

As of September 30, 2012, the company has not closed the private placement.

On March 22, 2013, Sphere Resources Inc cancelled the transaction.