By Devika Patel
Knoxville, Tenn., Dec. 7 - Northern Superior Resources Inc. said it will raise between C$2.5 million and C$3 million in a private placement of units.
The company will sell up to 25 million units of a common share and a half-share warrant at C$0.12 per unit. The shares will be either flow-through common shares or non flow-through common shares.
Each whole two-year warrant will be exercisable at C$0.16 in the first year and at C$0.20 in the second.
Proceeds will be used for exploration.
The Vancouver, B.C., company explores for gold.
| Issuer: | Northern Superior Resources Inc.
|
| Issue: | Units of a flow-through or non flow-through common share and a half-share warrant
|
| Amount: | C$2.5 million (minimum), C$3 million (maximum)
|
| Units: | 25 million (maximum)
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.16 in the first year, C$0.20 in the second
|
| Pricing date: | Dec. 7
|
| Stock symbol: | TSX Venture: SUP
|
| Stock price: | C$0.12 at close Dec. 4
|
| Market capitalization: | C$8.88 million
|
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