CALGARY and HOUSTON,
June 4, 2018 /CNW/ - Sterling
Resources Ltd. ("Sterling" or the "Company") (TSX-V:
SLG) announces that the following matters were approved by the
shareholders at the Company's annual general and special meeting
(the "Meeting").
At the Meeting, the shareholders elected Manuel Pablo Zuniga-Pflucker, Douglas C. Urch, Gary S.
Guidry, Ryan Ellson,
Gavin Wilson and Mark McComiskey as directors of the Company.
Sterling is pleased to announce the appointment of Douglas C. Urch as the new Chairman of the
Board. Mr. Urch, a director of the Company since December 2017, has over 35 years of oil and gas
industry experience. Mr. Urch is the Executive Vice President,
Finance and Chief Financial Officer of Bankers Petroleum Ltd. and
previously was Vice President, Finance and Chief Financial Officer
of Rally Energy Corp. Mr. Urch is a Chartered Professional
Accountant (CPA), a member of the Financial Executives Institute,
and a designated member of the Institute of Corporate Directors
(ICD). Mr. Urch graduated from the University
of Calgary with a Bachelor of Commerce degree. Sterling
would like to convey its appreciation to Mr. James B. Taylor. His leadership, talent and
expertise have been a great asset to the Company in his time of
Chairman and the Company would like to wish Mr. Taylor all the best
in his future endeavors.
The shareholders approved the stock option plan and the
performance and restricted share unit ("PRSU") plans. Copies of the
stock option plan and the PRSU plans are attached to the Management
Information Circular dated April 30,
2018, which is available on SEDAR at www.sedar.com and the
Company's website at www.sterling-resources.com.
The shareholders approved the change of the name of the Company
to "PetroTal Corp.". The name change will not affect the validity
of currently outstanding share certificates of the Company or the
trading of the Company's common shares ("Common Shares").
Shareholders will not be required to surrender or exchange any of
the Corporation's share certificates that they currently hold.
It is anticipated that the name change will become effective
the week of June 4th and
that the Common Shares will trade under the ticker symbol "TAL" on
the TSX Venture Exchange (TSXV).
The shareholders also approved the consolidation of the Common
Shares by a consolidation ratio of between four (4) and eight (8)
pre-consolidation Common Shares for each one post-consolidation
Common Share. The consolidation will occur at a time determined by
the Board and announced by a press release of the Company.
Notwithstanding approval being received, the board of
directors may determine not to proceed with the consolidation, at
its discretion.
ABOUT STERLING
Sterling is a publicly-traded oil and
gas development and production company domiciled in Calgary, Alberta, focused on the development
of oil assets in Peru. The Company's management team has
significant experience in developing oil fields in Northern Peru and is led by an independent
Board of Directors, focused on safely and cost effectively
developing and exploiting the Bretana oil field.
FORWARD-LOOKING STATEMENTS
All statements included in
this news release that address activities, events or developments
that Sterling expects, believes or anticipates will, should or may
occur in the future are forward-looking statements. In
particular, this news release contains forward-looking statements
with respect to the timing of the Company's name change, the
anticipated consolidation of the Common Shares, the timing of the
consolidation and the ratio between the pre-consolidation Common
Shares for each one post-consolidation Common Share.
These forward-looking statements involve assumptions made by
Sterling based on its experience, perception of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate in the circumstances. These
statements involve substantial known and unknown risks and
uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other-forward looking
statements will prove inaccurate, certain of which are beyond
Sterling's control, including: trading volumes and volatility in
the price of Common Shares on the market as such trading may impact
the applicable consolidation ratio to be implemented by the
Company, if at all. Readers should also carefully consider
the matters listed under the heading "Risk Factors" in the
Company's MD&A.
Undue reliance should not be placed on these forward-looking
statements, as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. Sterling's
actual results, performance or achievements could differ materially
from those expressed in, or implied by, these forward-looking
statements. These statements speak only as of the date of the news
release. Sterling does not intend and does not assume any
obligation to update these forward-looking statements except as
required by law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
SOURCE Sterling Resources Ltd.