Sterling announces $35 million common share financing


    CALGARY, Feb. 21 /CNW/ - Sterling Resources Ltd. (TSXV - SLG) is pleased
to announce that it has entered into a bought deal financing agreement with a
syndicate of underwriters led by Wellington West Capital Markets Inc. (the
"Underwriters") to issue 14,000,000 common shares (the "Common Shares") at a
price of $2.50 per Common Share (the "Issue Price") for gross proceeds of
$35,000,000. The Underwriters will be entitled to an over-allotment option
(the "Over-allotment Option") to purchase up to a further 2,000,000 Common
Shares at the Issue Price. The Over-allotment Option will be exercisable in
whole or in part, at the sole discretion of the Underwriters, for a period of
30 days from the closing of the offering. If the Over-allotment Option is
exercised in full, the gross proceeds raised pursuant to the offering will be
    The offering is subject to certain conditions including normal regulatory
approvals, including approval of the TSX Venture Exchange. The Common Shares
will be offered in each of the provinces of Ontario, Alberta and British
Columbia by way of a short form prospectus and on a private placement basis
elsewhere including the United Kingdom and Europe. Closing is anticipated to
occur on or about March 13, 2008.
    Sterling Resources Ltd. will apply the net proceeds of this issue towards
its exploration, appraisal and development program and for general corporate

    Sterling Resources Ltd. is an international oil and gas company
headquartered in Calgary, Alberta. The Common Shares are listed and posted for
trading on the TSX Venture Exchange under the symbol "SLG".

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The Common
Shares will not and have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00002072E

For further information:

For further information: visit or contact Ian
Hornby-Smith, Chief Financial Officer, Phone: (403) 215-9264, Fax: (403)

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