Important Update for Shareholders
Dear Sterling Supporters,
Over the past two weeks, Sterling has experienced a significant increase in trading volume following our acquisition of the Copper Road Project from Copper Road Resources. We have investigated this activity and felt it was important to provide you with an update.
As part of the transaction, non-accredited, U.S. holders of Copper Road shares were ineligible to receive the 1.46 Sterling dividend for each share of Copper Road. Instead, these investors received cash proceeds from the sale of Sterling shares through an intermediary. Unfortunately shares held through the Centralized Depository for Securities (“CDS”), which were not registered to a specific name and address, were treated by default as non-accredited, U.S. holders. The responsibility to identify oneself as a Canadian shareholder fell to the broker and shareholder, which had to be declared before closing of the transaction. After the distribution of Sterling shares, we were informed that approximately 15.5 million shares were subject to this forced sale provision which began on Tuesday, May 28th and is now complete. For those shareholders who continue to see “TEMP” in their accounts, you will receive the proceeds of the sale rather than Sterling shares.
Over the last two weeks, 32 million shares of Sterling have traded, accounting for 15% of the current shares outstanding. We understand many shareholders wanted to hold their shares rather than receive cash proceeds. At current levels and with the strong value proposition ahead, we are confident that this offers a compelling entry point for previous and new shareholders.
In the coming weeks, we will kickstart our summer news flow as we launch our inaugural exploration program at the Copper Road Project in Ontario. Our field teams have already mobilized and are preparing our work plans which we expect to provide an update on. With a compelling pipeline of copper and silver exploration opportunities across central and eastern Canada, we remain focused on allocating capital to advance the most promising targets. Our strong treasury, experienced technical team, and access to capital positions us exceptionally well to take advantage of the upcoming commodity and copper bull market.
I thank you again for your support.
Sincerely,
Mathew Wilson
CEO and Director