CALGARY, March 18, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)
("Sterling" or the "Company", together with its subsidiaries the
"Group") is pleased to announce that the holders ("Bondholders") of the
senior secured bond (ticker on Nordic ABM exchange: STRE01 PRO) (the
"Bond") issued by its subsidiary Sterling Resources (UK) Ltd. ("SRUK")
in a meeting today approved the entry by the Bond Trustee, Sterling and
SRUK into a recapitalization agreement and a related waiver, as
summarised in the news release and Bondholder meeting summons letter
dated March 11, 2016. The waiver relates to the right of the
Bondholders to declare the Bonds to be in default and due for payment
as a consequence of certain provisions of the Bond Agreement until the
termination date of the recapitalization agreement.
At the Bondholder meeting, 81.1 percent of the total outstanding Bonds
were voted, of which 98.6 percent were in favour of the
recapitalization and the related waiver.
The Bondholder meeting summons letter of March 11, 2016 and the
recapitalization agreement of the same date are filed on SEDAR (www.sedar.com), and available on the bond information website www.stamdata.com and
the Company's website.
Sterling is a Canadian-listed international oil and gas company
headquartered in Calgary, Alberta with assets in the United Kingdom,
France and the Netherlands. The common shares are listed and posted for
trading on the TSX Venture Exchange (TSX-V) under the symbol "SLG".
Neither the TSX-V nor its Regulation Services Provider (as that term is
defined in the policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this release.
Filer Profile No. 00002072
All statements included in this news 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
particular, this news release contains forward-looking statements with
respect to the implementation of the recapitalization of the Group.
These forward-looking statements involve numerous assumptions made by
Sterling based on its experience, 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 forward looking statements will prove inaccurate, certain of
which are beyond Sterling's control. Readers should also carefully
consider the matters discussed under the heading "Risk Factors" in the
Company's Annual Information Form.
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 news release. Sterling does
not intend and does not assume any obligation to update these
forward-looking statements except as required by law.
SOURCE Sterling Resources Ltd.
For further information:
visit www.sterling-resources.com or contact:
Jacob Ulrich, Chief Executive Officer, Phone: +1 (403) 237-9256
David Blewden, Chief Financial Officer, Phone: +1 (403) 237-9256
George Kesteven, Manager, Corporate and Investor Relations, Phone: +1(403) 215-9265, Mobile: +1 (403) 519-3912