This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Vitol Announces Cash Offer For Sterling Resources Ltd.

The Offer removes the risk to shareholders from Sterling's near-term and long-term need for significant capital expenditures, which could result in numerous, potentially dilutive and uncertain financings to bring the Company's projects to completion. Vitol Anker is prepared to immediately enter into further discussions with the Company to provide additional interim financing for the period whilst the Offer is outstanding.

Additional Information to the Offer

Vitol Anker has received support for the Offer from Sprott Asset Management LP (" Sprott"), which holds approximately 9.9% of the Shares. Sprott and Vitol Anker have entered into a lock-up agreement under which Sprott has agreed to tender its Shares to the Offer, subject to certain conditions.

The Offer will be subject to usual and customary conditions such as confirmatory due diligence including an assessment of the current liquidity position of the Company, receipt of all required approvals and consents, and that not less than that number of Shares, which together with the Shares directly or indirectly owned by Vitol Anker or its affiliates, constitutes at least 66 2/3% of the Shares be deposited under the Offer and not withdrawn. The Offer constitutes an "insider bid" under applicable securities legislation, which requires, among other things, that a formal valuation be prepared under the supervision of the Sterling Board. The Offer will commence by way of a formal offer and take-over bid circular to be mailed to shareholders as soon as Vitol Anker receives such formal valuation. Vitol Anker looks forward to Sterling's co-operation with the timely preparation of the formal valuation to allow shareholders of Sterling to realize immediate value and liquidity from the Offer.

The Offer will be made by Vitol Anker which, along with its affiliates, currently holds approximately 14.0% of the Shares.   Further details concerning the Offer will be included in the formal offer and take-over bid circular. The Offer will be open for acceptance for at least 35 days following the commencement of the Offer, subject to Vitol Anker's right to extend and vary the Offer as permitted under applicable securities legislation.

Vitol Anker has retained Credit Suisse Securities ( Europe), Ltd. as its financial advisor and Norton Rose Canada LLP as its legal advisor.

About The Vitol Group

The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world energy markets and is now the world's largest independent energy trader. Its trading portfolio includes crude oil, oil products, LPG, LNG, natural gas, coal, power, metals and carbon emissions. The Vitol Group trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders.

Further details on The Vitol Group are available on

Press Release for Informational Purposes Only

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy the shares will be made only pursuant to the separate formal offer and take-over bid circular and other related documents.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs