July 22, 2010 / 3:14 PM / 7 years ago

UPDATE 1-Sterling Resources to raise C$40 mln in bought deal

* To sell 21 mln shares at C$1.90 apiece

* Proceeds to fund Breagh project in UK

July 22 (Reuters) - Canadian oil and gas company Sterling Resources Ltd (SLG.V) said it would raise C$40 million ($38.17 million) in a bought deal financing to fund its Breagh project in the United Kingdom North Sea.

The company said it would sell 21 million shares at C$1.90 apiece to a syndicate of underwriters led by Wellington West Capital Markets Inc.

The offering is anticipated to close on or about August 12, the company said.

    Shares of the Calgary, Alberta-based company were down 4 percent, or 9 Canadian cents, at C$1.95 Thursday morning on the Toronto Venture Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Vyas Mohan)

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