CALGARY, Dec. 21, 2015 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) (the "Company" and together with its subsidiaries the "Group") announces a change to the previously announced terms of amendments (the "Bond Amendments") to the UK senior secured bond (ticker on Nordic ABM exchange: STRE01 PRO) (the "Bond") issued by its subsidiary Sterling Resources (UK) plc ("Sterling UK") in relation to the appointment of an independent director (the "Independent Director") to the board of directors of the Company.
The original Bond Amendments as detailed in the Bondholder meeting summons letter dated October 22, 2015 (filed on SEDAR and the Company's website) provided inter alia for the appointment of an Independent Director to the board of directors of the Company and Sterling UK, as nominated by the Bond trustee (in the case of the Company, subject inter alia to TSXV approval). Following discussions with the Bond trustee, it has been agreed that the nominated Independent Director will only join the board of Sterling UK and will be an observer of the board of directors of the Company. However, the Bond trustee retains the right to require the appointment of an Independent Director to the board of directors of the Company in the future.
The Bond Amendments, including the new provision described above, have been formalized through the entry into a further Amendment and Restatement Agreement (the "A&R Agreement) and a further Amended and Restated Bond Agreement (the "A&R Bond Agreement") both dated November 30, 2015, an Exit Fee Letter dated December 4, 2015, and certain other agreements. Copies of the A&R Agreement (which includes the A&R Bond Agreement) and the Exit Fee Letter are being uploaded to SEDAR 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. This news release contains a forward-looking statement with respect to the future appointment of a director to the board of the Company.
Undue reliance should not be placed on this forward-looking statement, as there can be no assurance that it will occur. This statement speaks only as of the date of the news release. Sterling does not intend and does not assume any obligation to update this forward-looking statement 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]