Northern Superior Resources Inc. Announces Non-Brokered Flow-Through Private Placement and Share Consolidation
SUDBURY, ON / ACCESSWIRE / December 20, 2018 / Northern Superior Resources Inc. (SUP: TSX-V; NSUPF: OCTQB) (“Northern Superior” or the “Company”) announces it will be consolidating its issued and outstanding common shares on the basis of one post-consolidation share for every ten (10) pre-consolidation shares held.
Additionally, the Company intends to complete a non-brokered private placement of up to 3,030,303 post-consolidation units (a “Unit”) at a price of $0.33 per Unit for minimum gross proceeds of $750,000.00 and maximum gross proceeds of $1,000,000 (the “Private Placement”). Each Unit will consist of one flow-through common share and one half of one non-flow-through common share purchase warrant (a “Warrant”) of the Company. Each full Warrant will entitle the holder to acquire one additional common share at a price of $0.40 for a period of twelve months from the date of closing. The Company will pay finder’s fees to Red Cloud Klondike Strike Inc. and other finders, if applicable, to be paid in cash, common shares or warrants, or a combination of cash, common shares and units, in connection with the Private Placement.
The Company intends to use the net proceeds of the Private Placement for ground geophysical and core drill programs on its 100% owned Lac Surprise property, west-central Québec. This property is located in one of the more active mineral exploration camps in Québec, the Chapais- Chibougamau camp. IAMGOLD Corporation (“IAMGOLD”) and Vanstar Mining Resources Inc. (“Vanstar”) Nelligan gold property is tied directly onto the northeastern side of the Lac Surprise property. Gold-bearing structures intersected by IAMGOLD and Vanstar extend west onto the Lac Surprise property from which gold grain-in-till and gold geochemical-in-till dispersals trains have been reported (see Northern Superior Resources press release, January 27, 2014). These same structures correspond with gold- bearing showings identified, such as the Black Phoenix showing whereby a quartz- tourmaline grab sample ran 19.9 g/t Au (see Northern Superior press release, October 29, 2014).
All securities issued under the Private Placement will be subject to a four month and one day hold period.
Proceeds from the private placement will be used for general working capital.
The share consolidation and the Private Placement are subject to the approval of the TSX Venture Exchange.
About Northern Superior
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario andQuébec, andtrades on the TSX Venture Exchange under the symbolSUP, and the OTCQB Venture Market under the symbol NSUPF. The Companyis currently focused on exploring its 100% owned Ti-pa-haa-kaa-ning (Northwestern Ontario) property through an option agreement with Yamana Gold (see Northern Superior Press Release, November 26, 2018). Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and Northwestern Ontario.
For further information please visit the Company’s website at www.nsuperior.com or contact:
Thomas F. Morris P.Geo., PhD., FGAC, ICD.D President and CEO
Tel: (705) 525 -0992
Fax: (705) 525 -7701
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Northern Superior Resources Inc.