Sterling Resources Announces Offering of Common Shares
Sterling Resources Ltd. (SLG.V) announced that it has filed with and obtained a receipt for a preliminary prospectus from the securities regulatory authorities in all of the provinces of Canada, in connection with a marketed offering of common shares in the capital of the company. The offering will be led by RBC Capital Markets as lead underwriter on behalf of a syndicate of underwriters. The number of common shares to be issued and the price at which they will be offered will be determined in the context of the market.
The company is targeting to raise up to $45 million in aggregate gross proceeds and intends to use the net proceeds to ensure that it has sufficient funds for certain planned capital costs and key expenditures that it expects to make during the fourth quarter of 2012 and the first and second quarters of 2013, including expenditures related to exploration activities, seismic surveys, general and administrative expenses, minor license related costs and ongoing costs related to its operations at the Breagh gas field.
SLG shares gained 4% to $1.15.
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