CALGARY, June 28 /CNW/ - Sterling Resources Ltd., (TSX-V:SLG) ("Sterling" or the "Company") is pleased to announce that further to the mandate of the Royal Bank of Scotland plc ("RBS") as Debt Structuring Bank in August 2009 to structure the debt financing ("the Facility") for development of the Breagh project in the UK North Sea, RBS has confirmed to the Company that it has credit approval for a significant portion of the Facility, subject to final due diligence.
The Facility will provide Sterling with principal financing of up to (pnds stlg)100 million over a period of 6 years. Successful placement of the Facility is subject to the usual conditions precedent, including regulatory approval, attainment of syndicate formation, and the completion and execution of the appropriate documentation by both Sterling and RBS.
"Receipt of this financing offer from RBS reflects achievement of a further milestone, advancing Sterling towards initial gas production at Breagh in 2012," stated Mike Azancot, Sterling's President and Chief Executive Officer. "We welcome the participation and assistance of RBS as we move forward with the development of Breagh," added Mr. Azancot.
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".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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 herein.
SOURCE Sterling Resources Ltd.
For further information: For further information: visit www.sterling-resources.com or contact: Mike Azancot, President and Chief Executive Officer, Phone: (44) 77404-32883, Fax: (44) 13308-20670, email@example.com; Ian Hornby-Smith, Chief Financial Officer, Phone: (403) 215-9264, Fax: (403) 215-9279, firstname.lastname@example.org; George Kesteven, Manager, Corporate & Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, email@example.com