CALGARY, Dec. 12, 2014 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company" and together with its subsidiaries the "Group") is pleased to announce that the holders ("Bondholders") of the UK senior secured bond (ticker on Nordic ABM exchange: STRE01 PRO) (the "Bond") issued by its subsidiary Sterling Resources (UK) plc approved proposed amendments (the "Bond Amendments") to the Bond agreement dated May 2, 2013 (the "Bond Agreement") at a meeting of Bondholders held today. In the meeting, 98.2 percent of the total outstanding Bonds were voted, of which 99.7 percent were in favour of the Bond Amendments. Pareto Securities AS has acted as financial advisor to the Company in connection with the meeting.
The Bond Amendments were summarised in the news release dated November 28, 2014 and described in detail in the Bondholder meeting summons letter which is filed on SEDAR and available on the Company's website. The Bond Amendments will strengthen the Group's liquidity position while it pursues a refinancing of the Bond, potentially in combination with one or more asset sales. An amended and restated Bond Agreement inclusive of the Bond Amendments will be executed shortly, a copy of which will be filed on SEDAR and made available on the Bond information website www.stamdata.com.
Sterling 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 common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange 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.
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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 implications of the implementation of the Bond Amendments on Sterling's financial position and Sterling's ability to refinance the Bond and/or to complete asset sales.
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 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, [email protected]; David Blewden, Chief Financial Officer, Phone: +1 (403) 237-9256, [email protected]; George Kesteven, Manager, Corporate and Investor Relations, Phone: +1 (403) 215-9265, Mobile: +1 (403) 519-3912, [email protected]