CALGARY, Oct. 2, 2017 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") announces that it is engaged in preliminary discussions regarding a potential transaction with a third party involving a potential reverse take-over of the Company. No agreement has been reached and there is no assurance that these discussions will continue, that any transaction will be agreed upon or the terms and conditions of any such transaction.
As a result, and until the conclusion, of such discussions, the board of directors of the Company has determined to delay the declaration and payment of the previously proposed second distribution which was originally anticipated to be made on or prior to September 30, 2017.
Management of the Company anticipates that discussions in relation to the potential transaction will be concluded by the end of October, at which time a public announcement will be made either in respect of the entrance into the transaction or in respect of the declaration of the second distribution and the associated record and distribution date thereof. Until such time, the Company will not make any further public announcement in relation to this matter.
Sterling is a Canadian-listed company whose registered office is in Calgary, Alberta. 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.
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 discussions in respect of a potential transaction and the results thereof and the declaration and payment of the second distribution.
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. 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: John Rapach, Chief Executive Officer, Phone: +44 7818 418845, email@example.com
Sterling is a publicly-traded oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. The Company assumed control of the assets in Peru on December 18, 2017. The Company’s management team has significant experience in developing oil fields in Northern Peru and is led by an independent Board of Directors, focused on...