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STERLING CLOSES FINANCING TO DEVELOP CHINA PHOSPHATE DEPOSIT (March 16, 2011)
Sterling Group Ventures, Inc. (the "Company") (Pinksheets:SGGV - News)(Frankfurt:GD7 - News) is pleased to advise that it has closed a private placement of
20,000,000 units at a price of $0.10 per unit. Each unit is comprised of one common share of the Company's capital stock and one non transferrable share purchase warrant. Each warrant is exercisable for the period of one year to purchase an additional common share at a price of $0.15 per share. The total proceeds from the private placement of the units are $2,000,000.
The proceeds from the private placement will be used to fulfill the immediate requirements of the agreement dated October 18, 2010 with Chenxi County Hongyu
Mining Co. Ltd and relating to the development and proposed production of the Gaoping phosphate mine located in Chenxi County, Hunan, China together with other phosphate resources located in Hunan
and for working capital. The agreement was press released to the public on October 21, 2010.
As a result of this financing and the exercise of warrants, there are now 65,380,341 shares outstanding. Including this financing, there will be current warrants
outstanding at various exercise prices from $0.15 per share to $1.00 per share which if exercised would raise another $8,839,125. Fully diluted upon exercise of all warrants there will be 93,767,841 shares of the Company's capital stock issued and outstanding.
752,500 finders' units were issued relating to this private placement.
ON BEHALF OF THE BOARD OF DIRECTORS
Raoul Tsakok, Chairman & CEO
Any forward-looking statement in this press release is made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors, product prices and changes in international and local markets, as well as the inherent risks of the mining related business. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Cautionary Note to U. S.
Investors Concerning Estimates of Measure, Indicated, and Inferred Resources and Reserves. Statements regarding resources and reserves have been based on audits conducted under Chinese methods of calculation which the SEC guidelines strictly prohibit in its filings.
Contacts:
For further information, please check the Company's SEC
filings or contact:
Sterling Group Ventures Inc.
Raoul Tsakok, Chairman
(604) 689-4407
Fax: (604) 408-8515
Sterling Group Ventures Inc.
Richard Shao, PhD, President
(604) 689-4407
Fax: (604) 408-8515
Sterling Group Ventures Inc.
Robert Smiley, JD, Director
(604) 689-4407
Fax: (604) 408-8515
info@sterlinggroupventures.com
www.sterlinggroupventures.com
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