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Sterling Resources Ltd. Announces Closing of the Sale of Sterling Resources (UK) Ltd.
Sterling Resources Ltd. Announces Closing of the Sale of Sterling Resources (UK) Ltd. ...
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[{"type":"text","content":"\n\n\n\nSterling Resources Ltd. Announces Closing of the Sale of Sterling Resources (UK) Ltd.\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 16, 2017\n\n\n\nCALGARY, May 16, 2017 /CNW/ - Sterling Resources Ltd. (TSXV:SLG) (\"Sterling\" or the \"Company\") is pleased to announce that it has successfully closed the previously announced sale of the entire issued share capital of Sterling Resources (UK) Ltd. (\"SRUK\") pursuant to the share purchase agreement dated March 3, 2017 between the Company, SRUK Holdings Ltd. and Oranje-Nassau Energie B.V. (the \"Transaction\"). The purchase price paid to SRUK Holdings Ltd. at closing of the Transaction was US$97.0 million. In addition, intercompany debt was settled between SRUK and the Company of US$16.8 million bringing the total cash proceeds at closing to US$113.8 million. The expected aggregate distribution to shareholders remains in the range of US$109.3 million and US$112.5 million as stated in the Managment Information Circular dated April 5, 2017.  \n\nAs a result of the completion of the Transaction, the Company no longer has active business operations or assets other than the cash proceeds from the Transaction. The Company now plans to focus on the efficient winding-up of the affairs of the Company, including the distribution of the net proceeds from the Transaction to the Sterling shareholders (the \"Shareholders\"), after payment of all Transaction costs and satisfaction of all outstanding liabilities of the Company. The Company does not intend to apply for delisting of the Common Shares from the TSX Venture Exchange (the \"TSXV\"), but the TSXV may on its own initiative delist the Common Shares or transfer the listing to the NEX Board prior to the completion of the distributions of the Company's assets (including the net proceeds of the Transaction) and the subsequent winding-up.  \n\nThe Transaction will as previously indicated result in a full redemption of the outstanding principal and accrued and unpaid interest relating to the bonds issued by SRUK with Nordic Tr...