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.
On 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.
With 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.
FINANCIAL AND OPERATING HIGHLIGHTS
Sterling Resources Ltd. is a Canadian-listed company whose registered office is in Calgary, Alberta. The Common Shares are listed and posted for trading on the TSXV under the symbol "SLG".
SOURCE: Sterling Resources Ltd
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.