Sterling Resources announces preliminary financing offer
Calgary, Alberta, Canada, June 28, 2010 – Sterling Resources Ltd., (TSX-V:SLG) (“Sterling” or the “Company”) is pleased to announce that further to the mandate of the Royal Bank of Scotland plc (“RBS”) as Debt Structuring Bank in August 2009 to structure the debt financing (“the Facility”) for development of the Breagh project in the UK North Sea, RBS has confirmed to the Company that it has credit approval for a significant portion of the Facility, subject to final due diligence.
The Facility will provide Sterling with principal financing of up to £100 million over a period of 6 years. Successful placement of the Facility is subject to the usual conditions precedent, including regulatory approval, attainment of syndicate formation, and the completion and execution of the appropriate documentation by both Sterling and RBS.
“Receipt of this financing offer from RBS reflects achievement of a further milestone, advancing Sterling towards initial gas production at Breagh in 2012,” stated Mike Azancot, Sterling’s President and Chief Executive Officer. “We welcome the participation and assistance of RBS as we move forward with the development of Breagh,” added Mr. Azancot.
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France, and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol “SLG”.
Find out more at www.sterling-resources.com
