Sterling response CALGARY, Feb. 13, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") confirms that it is aware of the announcement by Vitol Anker
International B.V. ("Vitol") that Vitol intends to make an unsolicited
offer for all of the outstanding common shares (the "Shares") of Sterling at a price of $0.85 per Share.
Sterling has been in ongoing discussions with Vitol regarding a
potential transaction that the Board of Directors of Sterling (the "Board") believes could be in the best interests of Sterling shareholders and
that would also provide Sterling with additional interim funding.
Sterling has also had discussions with third parties on other potential
transactions including business combinations, sales of subsidiaries and
assets and additional financing opportunities.
The Board, consistent with its fiduciary duties and acting upon
consultation with its advisors, will consider and evaluate the Vitol
offer and pursue a course of action which the Board believes is in the
best interests of the Company and its stakeholders. The Board will
continue to review available alternatives, including negotiating a
mutually acceptable arrangement with Vitol, and has retained RBC
Capital Markets to assist with this review.
Sterling advises shareholders to take no further action concerning the
Vitol offer until they have received further advice from the Board.
Advisories
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United States,
nor shall there be any sale of the Shares in any jurisdiction in which
such offer, solicitation or sale may be unlawful. The Shares have not
been and will not be registered under the 1933 Act or any U.S. state
securities laws and may not be offered or sold in the United States
absent registration under the 1933 Act or an applicable exemption from
the registration requirements of the 1933 Act and applicable U.S. state
securities laws.