Sterling Resources Ltd. - 2013-03-11


Closed its offering of some 73 million common shares at $0.75 per share in two tranches, a short form prospectus and private placement. The private placement was underwritten by Casimir Capital Ltd. The underwriters for the prospectus was led by Casimir and included CIBC World Markets Inc., Dundee Securities Ltd., National Bank Financial Inc., RBC Dominion Securities Inc., and TD Securities Inc. Net proceeds will be used for development costs, interest and hedging primarily related to its existing senior credit facility, repayment of the US $12 million bridging loan with an affiliate of Vitol Holding B.V., and certain exploration, appraisal and pre-development expenditures.

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