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Sterling Resources Announces Approval of Further Bond Amendments
Sterling Resources Announces Approval of Further Bond Amendments Sterling Resource...
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[{"type":"text","content":"\n\n\n\nSterling Resources Announces Approval of Further Bond Amendments\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSterling Resources Announces Approval of Further Bond Amendments\nCanada NewsWire\nCALGARY, March 7, 2016\n\n\n\nCALGARY, March 7, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) (\"Sterling\" or the \"Company\", together with its subsidiaries the \"Group\") is pleased to announce that the holders (\"Bondholders\") of the senior secured bond (ticker on Nordic ABM exchange: STRE01 PRO) (the \"Bond\") issued by its subsidiary Sterling Resources (UK) Ltd. (\"SRUK\") approved further amendments (the \"Bond Amendments\") to the bond agreement originally entered into on May 2, 2013 (as amended and restated thereafter) at a meeting of the Bondholders held today. In the meeting, 94.8 percent of the total outstanding Bonds were voted, of which 100 percent were in favour of the Bond Amendments.\n\nThe Bond Amendments were summarised in the news release dated February 29, 2016 and described in detail in the Bondholder meeting summons letter of the same date which is filed on SEDAR (www.sedar.com), and available on the bond information website www.stamdata.com and the Company's website.  The Bond Amendments are principally intended to extend the deadlines for achieving a targeted redemption of the Bonds from February 29, 2016 to April 1, 2016 and for payment of the outstanding amortization instalment (with associated premium and accrued interest) from February 29, 2016 to March 15, 2016, and to lower the minimum liquidity requirement for SRUK on a temporary basis, while the Company and SRUK continue discussions with the Bond Trustee and a group of large Bondholders regarding a recapitalization of the Group.\n\nSterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, France and the Netherlands. The common shares are listed and posted for trading on the TSX Venture Exchange (TSX-V) under the symbol \"SLG\".\n\nNeither the TSX-V nor its Regulation Services Provider (as that term i...