HONG KONG, Feb. 22, 2017 /CNW/ - Meridian Capital International Fund ("Meridian") announced today that it had acquired 8,831,114 common shares ("Acquired Shares") of Sterling Resources Ltd. (TSXV: SLG) ("Sterling") on January 20, 2017. The Acquired Shares were acquired at a price of $0.55 per common share, and having an aggregate acquisition price of $4,857,112.70.
YF Finance Limited and, together with Meridian, are considered to be acting jointly and in concert. Prior to acquiring the Acquired Shares, Meridian held 51,454,247 common shares of Sterling, representing approximately 34.9% of Sterling's outstanding common shares and YF Finance Limited held 381,050 common shares of Sterling or approximately 0.3% of Sterling's outstanding common shares. Together with the common shares held by YF Finance Limited, Meridian held approximately 35% of the outstanding common shares.
Following the acquisition of the Acquired Shares, Meridian owns 60,285,361 Sterling common shares. Together, YF Finance Limited and Meridian have ownership of, or control over 60,666,411 Sterling common shares, representing approximately 41.2% of Sterling's 147,190,985 outstanding common shares.
The Acquired Shares will be held by Meridian for investment purposes. Depending upon the circumstances, Meridian may, from time to time, acquire additional securities or related financial instruments of Sterling or dispose of all or a portion of the securities or related financial instruments of Sterling previously acquired.
This news release is being issued pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
An early warning report with respect to Meridian's acquisition of the Acquired Shares, which is incorporated by reference herein, will be electronically filed with the securities regulatory authorities and will be available for viewing under Sterling's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. To obtain a copy of the report, contact Jamii Quoc, General Counsel of Meridian, at the contact information provided for Meridian below. Sterling's head office is located at 4300, 888 3rd Street SW, Calgary AB T2P 5C5.
Forward-Looking Statement Disclaimer
Other than historical information included in this press release, all other statements are forward-looking, including statements about the early warning report and the filing thereof with applicable Canadian securities regulatory authorities and the future intentions and expectations of Meridian with respect to the investment. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events to vary, including the risk that a material adverse change occurs in respect of Meridian or Sterling, and other risks that could affect the investment described herein, such as market and other conditions. Meridian disclaims any obligation to update these forward-looking statements except as required by law.
SOURCE Meridian Capital International Fund
For further information: For a copy of the early warning report, please contact: Meridian Capital International Fund, c/o Meridian Capital (HK) Limited, Level 23, 50 Connaught Road, Central, Hong Kong, Attention: Jamii Quoc, Phone: 852 2239 5300