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Sterling Resources Ltd. Announces 2017 First Quarter Financial and Operating Results
Sterling Resources Ltd. Announces 2017 First Quarter Financial and Operating Results ...
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[{"type":"text","content":"\n\n\n\nSterling Resources Ltd. Announces 2017 First Quarter Financial and Operating Results\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\n\nCanada NewsWire\nCALGARY, May 30, 2017\n\n\n\nCALGARY, May 30, 2017 /CNW/ - Sterling Resources Ltd. (TSXV:SLG) (\"Sterling\" or the \"Company\") announces interim operating and financial results for the quarter ended March 31, 2017.  Unless otherwise noted, all figures contained in this release are denominated in United States dollars.  The Company's interim condensed consolidated financial statements and management's discussion and analysis (\"MD&A\") for the reporting period have been filed on SEDAR at www.sedar.com and posted on the Company's website at www.sterling-resources.com.  \n\nOn May 16, 2017, the sale of all or substantially all of the assets of the Company resulting from the sale by the Company's wholly‐owned subsidiary SRUK Holdings Ltd. (\"SHL\") of the entire issued share capital of Sterling Resources (UK) Ltd. (the \"Transaction\") pursuant to a share purchase agreement dated March 3, 2017 between the Company, SHL and Oranje‐Nassau Energie B.V. was completed.  Thereafter, the Company has begun to undertake the steps necessary to wind‐up and dissolve the Company as economically and quickly as practical, and to deliver the net distributable proceeds into the hands of the shareholders.  \n\nWith the commencement of the winding-up process, the Company no longer continues as a going concern.  As a result, the Transaction has been treated as an adjusting event in the Company's interim condensed consolidated financial statements.  \n\nFINANCIAL AND OPERATING HIGHLIGHTS\n\n\nNet working capital was a surplus of $109.3 million as at March 31, 2017, and has improved following the completion of the Transaction. The net proceeds of the Transaction of $113.8 million (the netting of the assets held for sale less the liabilities associated with the assets held for sale) were received on May 16, 2017. \n\nFor the three month period ended March 31, 2017, the Company reco...