Sterling Resources Provides Operational,Financial Update
Sterling Resources Ltd. (SLG.V) today reports that it has total cash balances of approximately $27.3 million (excluding escrowed cash of approximately $4.1 million relating to the drilling of wells in the first half of 2012). Early in January 2013, this was supplemented by the receipt of US$12 million proceeds from the Vitol Loan and by US$4.3 million from TAQA Bratani Limited as the second installment of consideration for the sale of an interest in the UK Cladhan field. On a pro forma basis, reflecting these receipts, the Company started 2013 with $43 million of available funds.
The company also provided an operational update for Cladhan and Breagh wells.
Sterling Resources has filed the final short form prospectus for part of the previously announced offering of 73,333,334 common shares on a bought deal basis.
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