Sterling Resources Announces $55 Million Bought Deal Offering and Continuation of the Strategic Review Process

Sterling Resources Ltd. (TSX-V: SLG) (“Sterling” or the “Company”) announces that it has entered into an agreement to sell an aggregate of 73,333,333 Common Shares of Sterling (“Common Shares”) to a syndicate of underwriters led by Casimir Capital Ltd. (the “Underwriters”) on a bought deal basis at a price of $0.75 per share for gross proceeds of $55 million (the “Offering”). Under the terms of the Offering, 20,000,000 Common Shares will be offered by way of a short form prospectus in all of the Provinces of Canada (excluding Quebec) and in certain jurisdictions outside of Canada, including the United States, on a private placement basis.  The remaining 53,333,334 Common Shares will be distributed on a private placement basis pursuant to applicable exemptions from prospectus requirements. Sterling has granted to the Underwriters an over-allotment option (the “Over-allotment Option”) to acquire up to an additional 3,000,000 Common Shares at any time and from time to time on, or for a period of 30 days following the closing of the prospectus portion of the Offering, at a price of $0.75 per share, solely to cover their over-allocation position, if any.

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