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Sterling Resources Ltd. Confirms First Distribution in Connection with Winding-Up and Dissolution
Sterling Resources Ltd. Confirms First Distribution in Connection with Winding-Up and Diss...
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[{"type":"text","content":"\n\n\n\nSterling Resources Ltd. Confirms First Distribution in Connection with Winding-Up and Dissolution\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, June 15, 2017\n\n\n\nCALGARY, June 15, 2017 /CNW/ - Sterling Resources Ltd. (TSXV:SLG) (\"Sterling\" or the \"Company\") confirms that, as previously announced, its board of directors has declared an initial cash distribution (the \"First Distribution\") to the holders (the \"Shareholders\") of Sterling's common shares (the \"Common Shares\") in the aggregate amount of US$92.8 million or US$0.63 per Common Share.  The First Distribution will be paid on June 30, 2017 (the \"Distribution Date\") to shareholders of record on June 26, 2017 (the \"Record Date\"), subject to the \"due bills\" trading process described below, and will be made as a return of capital, with the stated capital of the Common Shares being reduced accordingly.\n\nThe expected aggregate distributions to Shareholders remains in the range of US$109.3 million to US$112.5 million, as stated in the Management Information Circular dated April 5, 2017, with the second distribution and terminal distribution anticipated to be made on or prior to September 30, 2017 and during the 2018 fiscal year, respectively.\n\nThe First Distribution will be made to Shareholders pursuant to the TSX Venture Exchange's (\"TSXV\") due bill trading policy. Pursuant to the policy: \n\n\nthe Record Date to determine Shareholders entitled to the First Distribution is June 26, 2017; \nthe due bill trading period will be June 22, 2017 (two trading days prior to the Record Date) to June 30, 2017; \nthe payment or Distribution Date will be June 30, 2017; \nthe ex-distribution date will be July 4, 2017; and\nthe due bill redemption date will be July 6, 2017.\n\nFor clarification, \"due bills\" will notionally represent the return of capital that Shareholders will be entitled to receive. The due bills will be deemed to be attached to the Common Shares two trading days prior to the Record Date, and will continue to be attached to the Common Shares unt...