Sterling Announces Closing of $35-Million Bought Deal Financing


    CALGARY, March 13 /CNW/ - Sterling Resources Ltd. ("Sterling") (TSX-V:
SLG) is pleased to announce the closing of its previously announced offering
(the "Offering") of 14,000,000 common shares ("Common Shares"). The Offering
was made on a bought deal basis through a syndicate of underwriters led by
Wellington West Capital Markets Inc., and including Canaccord Capital
Corporation, Maison Placements Canada Inc., and RBC Dominion Securities Inc
(the "Underwriters"). At closing, a total of 14,000,000 common shares were
issued at a price of $2.50 per share (the "Issue Price") for gross proceeds of
    Sterling has also granted the Underwriters an option to purchase up to an
additional 2,000,000 Common Shares at the Issue Price for additional gross
proceeds of up to $5,000,000. This option is exercisable for a period of
30 days following this closing.
    The net proceeds of this Offering of approximately $32,750,000 after fees
and expenses will be used towards the Corporation's planned 2008 exploration,
appraisal and development expenditures primarily relating to ongoing
exploration, appraisal and development of Breagh and Doina, as well as for
general corporate and working capital purposes.
    Although Sterling intends to expend the net proceeds of this offering in
this manner, the actual allocation of net proceeds may very materially
depending on future developments relating to Sterling's assets and unforeseen
    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction. These
securities have not been registered under the United States Securities Act of
1933, as amended, or any state securities law, and may not be offered or sold
in the United States unless an exemption from registration is available.

    Forward-Looking Statements

    This disclosure contains certain forward-looking statements that involve
substantial known and unknown risks and uncertainties, 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, therefore Sterling's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements. 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. These statements are based on 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.

    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".

    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
either: Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717,
Mobile: 44-7768-042219,; or Ian Hornby-Smith,
Chief Financial Officer, Phone: (403) 215-9264, Fax: (403) 215-9279,

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