RE: Financing closesExcuse my ignorance but why should $1.40 be a tough number to plow through? If banks and investors bought in today at that price why would they want to sell at the same price?
Vitol Announces Acquisition of Common Shares of Sterling
ROTTERDAM, Netherlands, Aug. 16, 2011 /CNW/ - Vitol Holding B.V. ("Vitol") today announced that its wholly-owned indirect subsidiary Vitol Energy (Bermuda) Ltd. acquired ownership of 17,857,142 common shares ("Common Shares") of Sterling Resources Ltd. (TSXV:SLG) ("Sterling") at a price of C$1.40 per Common Share, representing approximately 8% of the issued and outstanding Common Shares pursuant to a private placement of an aggregate of 32,143,000 of Common Shares of Sterling (the "Offering").
As a result of this transaction, Vitol controls 22,934,242 Common Shares, representing approximately 10.3% of the issued and outstanding Common Shares.
The Common Shares were acquired for investment purposes and Vitol and/or one or more of its affiliates, depending on market and other conditions, may from time to time increase or decrease its holdings of Common Shares or other securities of Sterling.
A copy of the early warning report being filed by Vitol with the applicable securities regulators will be available on SEDAR (www.sedar.com).
Notes to Editors:
The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world energy markets and is now one of the world's largest independent energy traders. Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal, power, metals and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Globally Vitol trades over 5.5 million barrels of crude oil and products per day.
In addition to its trading business, and its 50% share in the storage and terminals business, VTTI, with 11 terminals on five continents, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Philippines, Kazakhstan, Russia and Azerbaijan. It also currently owns and operates over 100kbd in refining assets. Further details on Vitol are available on www.vitol.com.