Sterling Resources Ltd. and PetroTal Ltd. Announce Closing of USD$34 Million Brokered Private Placement Financing

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[{"type":"text","content":"\n\n\n\nSterling Resources Ltd. and PetroTal Ltd. Announce Closing of USD$34 Million Brokered Private Placement Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 12, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nCALGARY, Dec. 12, 2017 /CNW/ - Sterling Resources Ltd. (\"Sterling\" or the \"Corporation\") (TSXV: SLG) and PetroTal Ltd. (\"PetroTal\") are pleased to announce the closing of PetroTal's previously announced brokered private placement offering of 34,000,000 subscription receipts (the \"Subscription Receipts\") for aggregate gross proceeds of USD$34 million (the \"Financing\"). The Financing was completed through a syndicate of investment dealers co-led by Eight Capital and Pareto Securities and including PillarFour Securities Inc. \n\nEach Subscription Receipt will be exchangeable into one common share in the capital of PetroTal without any further action required on the part of the holder of the Subscription Receipt and without payment of any additional consideration, upon the closing of the business combination of Sterling and PetroTal (the \"Proposed Transaction\") as further described in the filing statement of the Corporation dated November 29, 2017 (the \"Filing Statement\").\n\nAbout Sterling\n\nSterling is a publicly-traded company listed on the TSX Venture Exchange (the \"TSXV\") with its common shares listed and posted for trading on the TSXV under the symbol \"SLG\". \n\nAbout PetroTal\n\nPetroTal, a company incorporated under the laws of Alberta, is a private junior oil and gas exploration, development and production company formed for the purpose of acquiring, and subsequently enhancing and producing oil and gas from properties in Latin America. PetroTal currently has no production and has not conducted active operations since its incorporation.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws....

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