/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, Nov. 15, 2012 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)
("Sterling" or the "Company") announces that its Board of Directors
(the "Board") has today determined not to proceed with its previously
announced marketed offering (the "Offering") of common shares in the
capital of the Company (the "Common Shares"). The Company was
targeting to raise up to C$45 million in aggregate gross proceeds
pursuant to the Offering. While a number of existing and potential
shareholders have expressed strong support, the Company has been unable
to raise sufficient funds on terms which the Board considers to be
acceptable.
Sterling will therefore pursue alternative means of ensuring that the
Company is appropriately funded.
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 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
Forward-Looking Statements
All statements included in this press 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
addition, statements relating to reserves or resources are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions that the reserves and
resources described can be profitably produced in the future. In
particular, this document contains forward-looking information and
statements regarding: [UPDATE]
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 press 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 press 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 press release
should not be used for purposes other than for which it is disclosed
herein.
SOURCE: Sterling Resources Ltd.
<p> visit <a href="http://www.sterling-resources.com">www.sterling-resources.com</a> or contact: </p> <p> Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, <a href="mailto:mike.azancot@sterling-resources.com">mike.azancot@sterling-resources.com</a> </p> <p> David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, <a href="mailto:david.blewden@sterling-resources.com">david.blewden@sterling-resources.com</a> </p> <p> George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, <a href="mailto:george.kesteven@sterling-resources.com">george.kesteven@sterling-resources.com</a> </p>