Northern Superior Resources Increases Previously Announced Non-brokered Private Placement to C$6.65 Million, Board Members, Cree Nation of Waswanipi Participate, New Gold INC. Maintains 9.9% Ownership Stake
Not for distribution to United States newswire services or dissemination in the Unites StatesSUDBURY, ON / ACCESSWIRE / November 29, 2021 / Northern Superior Resources Inc. (the "Company" or "Northern Superior") (TSXV:SUP)(OTCQB:NSUPF) is pleased to …
Not for distribution to United States newswire services or dissemination in the Unites States
SUDBURY, ON / ACCESSWIRE / November 29, 2021 / Northern Superior Resources Inc. (the "Company" or "Northern Superior") (TSXV:SUP)(OTCQB:NSUPF) is pleased to announce that it has further increased the size of its previously announced, non-brokered private placement (the "Offering") (see Northern Superior press releases, October 18, 2021, October 20, 2021 and November 5, 2021), with commitments for C$6,650,930 worth of investment in Northern Superior comprised of:
- C$3,321,417.00, through the issuance of 3,690,463 "flow-though" common shares of the Company to purchasers in Québec (the "Québec FT Shares"), at an issue price of $0.90 per Québec FT Share;
- C$1,963,583.72, through issuance of 1,664,054 charity "flow-through" common shares of the Company to purchasers in Québec ("Québec Charity FT Shares" and together with the Québec FT Shares, the "FT Shares", at a front-end issue price of $1.18 per Québec Charity FT Share; and
- C$1,365,929.59 of hard dollar investment, through issuance of 2,038,701 common shares to investors, at an issue price of $0.67 per share.
The increase to the Offering size is due in part to four additional directors and the Cree Nation of Waswanipi electing to participate in the hard dollar component of the Offering. In addition, New Gold Inc. has further increased is funding commitment so as to maintain it's 9.9% ownership stake.
Dr. Thomas Morris, CEO states: "The participation of five board members in the Offering, who are investing an aggregate of $226K, emphasizes their confidence in the potential of the Company's properties and their confidence in Management and Staff to deliver value to the Company's shareholders. The Company is particularly pleased with the participation of the Cree Nation of Waswanipi in the Offering demonstrates the community's confidence in the Company's exploration efforts on the Lac Surprise property specifically and the Company's other mineral exploration properties generally. Upon completion of the Offering, Northern Superior will be in an excellent financial position with anticipated cash balance above $12mm dollars and will be fully financed for an aggressive exploration year in 2022 across our 3 core properties: TPK, Lac Surprise and Croteau Est."