Northern Superior Resources Inc. Announces Financing With the MineralFields Groupadmin
Northern Superior Resources Inc. announce that it has negotiated a private placement with the MineralFields Group raising $1,000,000 of proceeds (the “Financing”). The funds raised are to be utilized to further exploration work on the Company’s Wachigabau gold project in Quebec.
“We are very pleased to be entering into this relationship with MineralFields Group”, said Thomas F. Morris, President and CEO. “This is an important milestone in the growth of the Company and we look forward to working with the MineralFields Group as we continue to develop Wachigabau”.
In connection with the Financing, the Company will issue to subscribers, 10,000,000 units of the Company at a price of $0.10 per unit. Each unit will be comprised of one (1) flow-through common share of the Company and one-half (1/2) of a share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one (1) non flow-through common share of the Company for a period of 2 years from the closing of the Financing, at a price of $0.16 per share in the first year and at a price of $0.20 per share thereafter.
For arranging the Financing, Limited Market Dealer Inc. will be paid a cash commission of 5% of the gross proceeds and will receive options entitling it to purchase 1,000,000 units of the Company. Each unit issuable to Limited Market Dealer Inc. will be exercisable for a period of 2 years at a price of $0.10 per unit and will be comprised on one (1) non flow-through common share of the Company and one-half (1/2) of a warrant. Each whole warrant will be exercisable on the same terms as the warrants to be issued to subscribers of the Financing.