Sterling Resources Ltd. has closed the private placement of 71,579,746 new common shares in the capital of the Company (the "Common Shares") to certain existing shareholders at C$0.482 per Common Share to raise approximately US$32 million (the "Placement"). The Common Shares were issued pursuant to applicable exemptions from prospectus requirements and have a hold period expiring on November 26, 2014 pursuant to applicable securities laws. No commission fees were payable on the Placement.

The subscribers to the Placement, together with the value of shares subscribed for and the total resultant shareholdings upon completion of the Placement where known, are Waterford Finance & Investment Limited (US$20 million, 16.90 percent), Meridian Capital International Fund (US$3.57 million, 9.99 percent), YF Finance Limited (US$3.57 million, 9.99 percent) and other placees ($5 million).

Tags: Sterling Resources Ltd.