CALGARY, May 30, 2014 /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 An archived version of Sterling's AGM can be accessed for the next ninety days. To listen to the webcast of the AGM please go to http://www.newswire.ca/en/webcast/detail/1311647/1448039.
The shareholders elected Messrs. Robert Carter, Jim Coleman, John Collenette, Teck Soon Kong, Jacob Ulrich and Gavin Wilson as directors of the Company.
The shareholders approved the adoption of a new "rolling" stock option plan, subject to acceptance by the TSX Venture Exchange ("TSX-V"), whereby a maximum of 10 percent of the issued common shares of the Company may be reserved for issuance pursuant to the exercise of options.
The Board of Directors granted stock options today to officers, directors and employees of the Company and its subsidiaries. Options were granted to acquire 13,290,000 common shares at an exercise price of $0.55 per share. The options are exercisable for up to a five-year term and vest over three years from the date of grant.
Sterling Resources 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.
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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.
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: (403) 237-9256, firstname.lastname@example.org
David Blewden, Chief Financial Officer, Phone: (403) 237-9256, email@example.com
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, firstname.lastname@example.org