CALGARY, May 20, 2011 /CNW/ - Sterling Resources Ltd. (TSXV: SLG)
("Sterling" or the "Company") announces that the following matters were
approved by the shareholders at the annual and special meeting (AGM)
held yesterday in Calgary. An archived version of Sterling's AGM can
be accessed for the next thirty days. To listen to the webcast of the
AGM please go to http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3380080.
Shareholders elected Messrs. Mike Azancot, Robert Carter, Walter DeBoni,
Stewart Gibson, Teck Soon Kong and Graeme Phipps as directors of the
Shareholders approved the Company's Stock Option Plan reserving a
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
non-diluted basis, as well as amendments with respect to providing for
a Blackout Extension Period, an amendment allowing the Corporation to
deduct or withhold from option exercises any required taxes or other
amounts payable as a result of the exercise of options, and certain
housekeeping amendments to ensure that the Stock Option Plan is
consistent with the Exchange Policy 4.4.
The Board of Directors made its annual stock option grants today to
officers, directors, employees and consultants of the Company and its
subsidiaries. Options were granted to acquire 3,805,000 common shares
at an exercise price of $1.79 per share. The options are exercisable
for up to a five-year term and vest over three years from the date of
The Canadian Securities Administrators have extended the filing deadline
by 30 days for a company's first IFRS interim financial report.
Sterling will be taking advantage of the filing extension available
this year. Our first quarter financial report will be issued on June
Sterling Resources Ltd. is a Canadian-listed international oil and gas
company headquartered in Calgary, Alberta with assets in the United
Kingdom, Romania, France and the Netherlands. The shares are listed and
posted for trading on the TSX Venture Exchange under the symbol "SLG".
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts 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 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 press release. Sterling
does not intend and does not assume any obligation to update these
forward-looking statements except as required by law.
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
SOURCE Sterling Resources Ltd.
For further information:
Visit www.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone: 44-7740-432883, email@example.com
David Blewden, Chief Financial Officer, Phone: 44-1330-826766, Mobile: 44-7771-740804, firstname.lastname@example.org.
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, email@example.com