Wellington West to assist with second, C$8.6 million stock placement
By Devika Patel
Knoxville, Tenn., Dec. 17 - Northern Superior Resources Inc. said its private placement of stock through lead agent Wellington West Capital Markets Inc. has been fully subscribed. It will raise C$10 million in the deal, which priced for C$7.5 million with a C$2.5 million greenshoe on Dec. 16.
The company also plans a second offering through the syndicate, which will raise about C$8.6 million.
In the Dec. 16 placement, the company will sell 12.5 million common shares on a bought-deal basis. The shares will be sold at C$0.80 apiece, a 5.88% discount to C$0.85, the Dec. 15 closing share price.
Settlement is expected Jan. 12.
In the second offering, the company will sell 6,730,769 flow-through common shares at a weighted average price of C$1.28 per share for about C$8.6 million. The weighted average price per share is a 58.03% premium to the Dec. 16 closing share price of C$0.81.
Settlement is expected Jan. 19.
Proceeds will be used for exploration work on the company's gold projects and for general corporate purposes.
The Vancouver, B.C., company explores for gold.
| Issuer: | Northern Superior Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$18.6 million (approximate)
|
| Warrants: | No
|
| Agents: | Wellington West Capital Markets Inc. (lead)
|
| Stock symbol: | TSX Venture: SUP
|
| Market capitalization: | C$113.35 million
|
|
|
| First deal
|
| Amount: | C$10 million, including C$2.5 million greenshoe
|
| Shares: | 12.5 million
|
| Price: | C$0.80
|
| Pricing date: | Dec. 16
|
| Settlement date: | Jan. 12
|
| Stock price: | C$0.81 at close Dec. 16
|
|
|
| Second deal
|
| Amount: | C$8.6 million (approximate)
|
| Shares: | 6,730,769
|
| Price: | C$1.28 (weighted average price)
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 19
|
| Stock price: | C$0.84 at close Dec. 17
|
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