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