Sept 24 (Reuters) - Sphere Minerals Ltd SPH.AX :
* Says announce an equity raising to raise up to $240 million
* Purpose of equity raising is to repay company's existing debt facility from Glencore (LONDON:GLEN) Australia holdings pty limited
* Purpose of equity raising to fund co's ongoing operations from end of August 2015 until approximately the end of 2016
* Equity raising will comprise a traditional renounceable pro rata entitlement offer at a price of $0.25 per share
* Offer price represents a discount of 33% to value of shares based on book value of co's assets as at 30 June 2015
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