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Sterling Resources Ltd Announces $55 Million Bought Deal Offering


Tuesday, 19 Feb 2013 07:43am EST 

Sterling Resources Ltd announced that it has entered into an agreement to sell an aggregate of 73,333,333 Common Shares of Sterling to a syndicate of underwriters led by Casimir Capital Ltd. on a bought deal basis at a price of $0.75 per share for gross proceeds of $55 million. Under the terms of the Offering, 20,000,000 Common Shares will be offered by way of a short form prospectus in all of the Provinces of Canada (excluding Quebec) and in certain jurisdictions outside of Canada, including the United States, on a private placement basis. The remaining 53,333,334 Common Shares will be distributed on a private placement basis pursuant to applicable exemptions from prospectus requirements. Sterling has granted to the Underwriters an over-allotment option to acquire up to an additional 3,000,000 Common Shares at any time and from time to time on, or for a period of 30 days following the closing of the prospectus portion of the Offering, at a price of $0.75 per share, solely to cover their over-allocation position. Sterling will use the net proceeds of the Offering of approximately $51.4 million for Breagh Phase 1 development costs and costs relating to the Breagh senior secured loan facility, repayment of the $12 million loan entered into on December 31, 2012 with an affiliate of The Vitol Group (Vitol), certain exploration, appraisal and pre-development expenditures and other corporate purposes. 

Company Quote

0.54
-0.02 -3.57%
9 Jul 2014