| | Published : June 23rd, 2008 | Closes $2.4 Million Bridge Loan |
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Monday, June 23, 2008 Sterling Mining Closes $2.4 Million Bridge Loan
Wallace, Idaho -- June 23, 2008 -- (Marketwire) - Sterling Mining Company (TSX:SMQ / OTCBB:SRLM / FSE:SMX) Company") announced today that it has arranged a debt financing for $2.4 million.
The Company entered into a bridge term loan with a group of lenders in the principal amount of $2,400,000. After a deduction for a reserve of $216,000 for interest and legal expenses, a payment to the lender for services of $144,000 and recording and other costs, the net proceeds to the Company were $2,021,740. The principal amount of the loan is due 120 days following the date the loan was made and bears interest at the rate of 24% per annum. Interest is payable monthly beginning July 1, 2008. The loan is secured by certain patented mining claims, property, equipment, inventory, leases (excluding the Sunshine Mine lease) and other personal property.
This strategic bridge loan provides Sterling Mining Company with timely and non-dilutive working capital to meet its short-term needs as it pursues opportunities for long-term financing.
About Sterling Mining Company
Sterling Mining controls the Sunshine Mine, which began initial production in December 2007, and related exploration lands in the prolific Silver Valley of northern Idaho. The Company also holds several silver properties in Mexico, including the Barones Tailings Project in the Zacatecas Silver District. Shares of Sterling Mining Company trade on the TSX under the symbol "SMQ", on the OTCBB under the symbol "SRLM", and also on the Frankfurt Stock Exchange under the trading symbol "SMX".
FOR FURTHER INFORMATION, visit the Company's website at www.SterlingMining.com or contact:
Sterling Mining Company Ken Berscht, President Tel: (403)830-7566 or (208) 699-2503
Monique Hayes, Investor Relations Tel: (208) 699-6097
To receive Sterling news via email, please email supertina@sterlingmining.com and specify "SMQ news" in the subject line.
Cautionary Language and Forward Looking Statements This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities
This press release does not constitute an offer to sell or a solicitation to buy securities, and contains forward-looking statements regarding the Company within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from expected results. Factors that could cause results to differ materially include economic and political events, the ability to raise capital in the financial markets, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2007 and subsequent 10-Q and 8-K filings. |
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Data and Statistics for these countries : Mexico | All Gold and Silver Prices for these countries : Mexico | All
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Sterling Mining Co.
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DEVELOPMENT STAGE |
CODE : SRLMQ |
ISIN : US8594101029 |
CUSIP : 859410 10 2 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Sterling Mining is a producing company based in United states of america. Sterling Mining develops gold and silver in Mexico and in USA. Its main assets in development are SUNSHINE MINE in USA and BARONESS, SUNSHINE / CHESTER and SUNSHINE / METROPOLITAN in Mexico and its main exploration properties are TESORITO, EAST SILVER VALLEY, CENTRAL SILVER VALLEY, SUNSHINE / MINERAL MOUNTAIN, EL MORRO MEXICO, LA ESPERANZA (VETAS NEGRA), ARTURO, TROUT CREEK, PINE CREEK IDAHO, SUNSHINE / MERGER GROUP, MINTON PASS, STANDARD CREEK, EAST BULL, JE PROJECT, LUCKY LUKE, LA CHAPIS, CUATRO CIENEGAS, JIMENEZ DE TEUL, SUNSHINE / UNITED MINES, SUNSHINE / BISMARK, BEACON LIGHT, WEST SILVER VALLEY and BOLSCHOI AND TERRIBLE JIM in Mexico. Sterling Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 710 820 as of today (€ 500 417). Its stock quote reached its lowest recent point on August 11, 2011 at US$ 0.02, and its highest recent level on December 02, 2011 at US$ 0.02. Sterling Mining has 39 489 992 shares outstanding. |
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