Sterling Resources Ltd. has entered into agreements with certain existing shareholders to issue 71,579,746 new common shares at C$0.482 per common share to raise approximately US$32 million on a private placement basis (the "Placement").
The Placement is being made pursuant to applicable exemptions from prospectus requirements, and is subject to customary conditions and the receipt of required regulatory approvals, including the approval of the TSX Venture Exchange (the "TSX-V"). Closing is scheduled on or about July 24, 2014. No commission fees are payable on the Placement.
The Company had explored financing options focussed on debt capital markets, as previously indicated, but was not able to achieve acceptable terms.