CALGARY, June 2 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling"
or the "Company") announces that the following matters were approved by the
shareholders at the annual and special meeting held today.
Shareholders elected Messrs. Raj Agrawal, Robert Carter, Walter DeBoni,
Stewart Gibson, Teck Soon Kong and Graeme Phipps as directors of the Company.
Shareholders approved an amendment of the Company's Stock Option Plan to
set the maximum number of Common Shares issuable under the Stock Option Plan
at 10% of the outstanding Common Shares from time to time, calculated on a
Subsequent to the shareholders' approval of the Stock Option Plan
amendment, the Board of Directors made its annual stock option grants to
officers, directors, employees and consultants of the Company and its
subsidiary. Options were granted to acquire 2,825,000 common shares at an
exercise price of $1.42 per share. The options are exercisable for up to a
five-year term and vest over three years from the date of grant.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Filer Profile No. 00002072
All statements included in this press release that address activities,
events or developments that Sterling expects, believes or anticipates will or
may occur in the future are forward-looking statements. In addition,
statements relating to reserves or resources are deemed to be forward-looking
statements as they involve the implied assessment, based on certain estimates
and assumptions that the reserves and resources described can be profitably
produced in the future.
These forward-looking statements involve numerous assumptions made by
Sterling based on its experience, perception of historical trends, current
conditions, expected future developments and other factors it believes are
appropriate in the circumstances. In addition, these statements involve
substantial known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other-forward
looking statements will prove inaccurate, certain of which are beyond
Sterling's control, including: the impact of general economic conditions in
the areas in which Sterling operates, civil unrest, industry conditions,
changes in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and enforced,
increased competition, the lack of availability of qualified personnel or
management, fluctuations in commodity prices, foreign exchange or interest
rates, stock market volatility and obtaining required approvals of regulatory
authorities. In addition there are risks and uncertainties associated with oil
and gas operations. Readers should also carefully consider the matters
discussed under the heading "Risk Factors" in the Company's Annual Information
Undue reliance should not be placed on these forward-looking statements,
as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur. Sterling's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements. These statements speak only as of the date
of the press release. Sterling does not intend and does not assume any
obligation to update these forward-looking statements except as required by
Financial outlook information contained in this press release about
prospective results of operations, financial position or cash flows is based
on assumptions about future events, including economic conditions and proposed
courses of action, based on management's assessment of the relevant
information currently available. Readers are cautioned that such financial
outlook information contained in this press release should not be used for
purpose other than for which it is disclosed herein.
For further information:
For further information: visit www.sterling-resources.com or contact:
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403)
215-9265, Fax: (403) 215-9279, firstname.lastname@example.org; Stewart G.
Gibson, Chief Executive Officer, Phone: 44-133082-6717, Mobile: