Sudbury, Ontario, December 16, 2010. Northern Superior Resources Inc. (the “Company”) is pleased to announce that it has entered into an agreement with Wellington West Capital Markets Inc. (“WWCM”) to sell 12,500,000 common shares (the “Common Shares”) at a price of $0.80 per Common Share to raise gross proceeds of up to $10,000,000 on a “bought deal”, private placement basis (the "Offering") and assuming the exercise by Lake Shore Gold Corp. of its right to participate in the Offering on a pro rata basis.
The Company plans to use the net proceeds from the Common Share Offering to advance the ongoing development of the Ti-Pa-Haa-Kaa-Ning (TPK) Gold Property in Northern Ontario and for general corporate purposes.
The Offering is scheduled to close on or about January 11, 2011 and is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The Common Shares to be issued pursuant to the Offering will be subject to a four-month restricted resale period, such period to commence upon the closing of the Offering.
This news release is not an offer of Common Shares for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the above described securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
Neither the TSX Venture Exchange nor its Regulation Services Provide (as such term is defined in the TSX Venture Policies) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Thomas F. Morris
President and CEO
Tel: (705) 525- 0992
Fax: (705) 525- 7701