Northern Superior Resources Inc. (TSX-V:SUP) is pleased to announce the closing of the fully subscribed $2,000,000 offering of units, announced October 11, 2016.
In connection with the Offering, the Company issued 40,000,000 units to investors at a price of $0.05 per unit. Each unit is comprised of one (1) common share of the Company, issued on a flow-through basis and one-half (1/2) of a non-transferable warrant. Each whole warrant entitles the holder thereof to purchase one (1) additional (non flow-through) common share of the Company at a price of $0.075 per share. The warrants are exercisable until November 14, 2018 provided however, that in the event the closing price of the Company’s shares on the TSX Venture Exchange exceeds $0.15 for a period of 10 consecutive trading days, the Company may thereafter provide notice to warrant holders accelerating the expiry of their warrants to thirty (30) days from the date such notice is given.
No commission, dealer or finders fees were payable in connection with the Offering.
The flow-through common shares, the warrants and any common shares issued upon exercise of the warrants issued in connection with the Offering are subject to a hold period under applicable securities laws, which hold period expires on March 15, 2016. The Offering received conditional acceptance from the TSX Venture Exchange on October 21, 2016.
Dr. T.F. Morris President and CEO commented: “We are very grateful to the subscribers who participated in this placement and would like to thank them for their support. To now have the funds to advance our understanding and further develop the inferred resource already identified on the Croteau Property is truly an exciting opportunity. We expect initiation of core drilling on the property in early January.”
About Northern Superior Resources Inc.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.
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