CALGARY, June 11, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") announces that the following matters were approved by the shareholders at the annual and special meeting (AGM) held today in Calgary. An archived version of Sterling's AGM can be accessed for the next thirty days. To listen to the webcast of the AGM please go to http://www.newswire.ca/en/webcast/detail/1169289/1278915.
The shareholders elected Messrs. Mike Azancot, Robert Carter, Jim Coleman, John Collenette, Teck Soon Kong, Jacob Ulrich and Gavin Wilson as directors of the Company. Mr. Jacob Ulrich was elected Chair of the Board by the directors at a meeting following the AGM.
Sterling wishes to thank former directors Walt DeBoni, Stewart Gibson and Graeme Phipps, who did not seek re-election to the Board, for their service and dedication to the Company during their tenure.
The shareholders also approved two ordinary resolutions to amend By-Law No. 1 of the Corporation. The first resolution approved advance notice provisions. This amendment will ensure all shareholders have sufficient disclosure and time to make appropriate decisions regarding the election of their board of directors and, in doing so, will ensure transparency and fairness in the director nomination process and allow all shareholders to fully participate in the director election process in an informed and effective manner. The second resolution approved telephonic participation at meetings of the board or a committee of the board. This amendment will facilitate director participation in board meetings by removing the requirement for unanimous consent and replacing it with a requirement for the consent of the chairman of the meeting or a majority of the directors present at the meeting.
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 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.
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.
Financial outlook information contained in this news 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 news release should not be used for purpose other than for which it is disclosed herein.
SOURCE: Sterling Resources Ltd.
For further information:
visit www.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, [email protected]
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, [email protected]
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, [email protected]