Sterling Resources closes recapitalization

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[{"type":"text","content":"\n\n\n\nSterling Resources closes recapitalization\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 closes recapitalization\nCanada NewsWire\nCALGARY, May 30, 2016\n\n\n\nCALGARY, May 30, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) (\"Sterling\" or the \"Company\") announces today that it has closed the recapitalization previously announced on March 11, 2016 (the \"Recapitalization\") and set out in the recapitalization agreement (the \"Recapitalization Agreement\") Sterling had entered into on March 11, 2016 with its subsidiary, Sterling Resources (UK) Ltd. (\"SRUK\") and Nordic Trustee ASA (the \"Bond Trustee\") in relation to the UK senior secured bond (ticker on Nordic ABM exchange: STRE01 PRO) (the \"Bond\") issued pursuant to a bond agreement originally dated May 2, 2013, as subsequently amended and restated most recently on November 30, 2015 and as further amended by amendment letters dated January 29, 2016, February 16, 2016, February 22, 2016, February 29, 2016 and March 15, 2016 (the \"Bond Agreement\").\n\nPursuant to the Recapitalization, the Company completed the following: \n\n\nRights Offering. The Company issued an aggregate of 84,663,364 Common Shares to holders of rights (each, a \"Right\") as a result of the Company's rights offering previously announced on March 11, 2016 (the \"Rights Offering\") who exercised their Rights prior to 5:00 p.m. (Eastern time) (the \"Expiry Time\") on May 19, 2016 (the \"Expiry Date\").Each Right entitled the holder thereof to subscribe for 32.333333333 Common Shares at a subscription price of $0.015398 per common share (\"Common Share\") in the capital of Sterling (the \"Subscription Price\"). A total of 2,618,100 Rights were exercised prior to the Expiry Time on the Expiry Date and an additional 11,468 Common Shares were subscribed for pursuant to the Additional Subscription Privilege (as such term is defined in the Recapitalization Agreement) for aggregate gross proceeds of $1,303,646.48 (the \"Rights Offering Proceeds\").The Company used the Rights Offering Proceeds (after conversion into ...

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