Sudbury, Ontario, July 11, 2011. Northern Superior Resources Inc. (TSXV:SUP)(the “Company”) is pleased to announce that it has completed its non-brokered private placement to Rainy River Resources Ltd. (“Rainy River”) which was announced on July 6, 2011.
Gross proceeds of $500,000 were raised through the issuance of 1,388,889 common shares to Rainy River pursuant to the terms of an option venture agreement between the Company and Rainy River dated June 21, 2010 (the “Option Agreement”).The common shares were issued at a price of $0.36 per share. The price was calculated in accordance with the terms the Option Agreement and was based on the volume weighted average trading price of the Company’s common shares for the 20 trading days preceding the anniversary date of the Option Agreement
No commission, dealer or finders fees were payable in connection with the private placement.
The common shares issued in connection with the private placement are subject to a hold period under applicable securities laws, which hold period expires on November 9, 2011.
This financing received conditional approval from the TSX Venture Exchange on June 28, 2011.
Dr.T.F.MorrisPresidentandCEOcommented:“ManagementandstaffofNorthern Superior Resources appreciate Rainy River’s continued support of the Ti-pa-haa-kaa-ning (“TPK”) exploration program through this private placement. We would look forward to the continuation of the TPK exploration program and receiving additional drilling results from the TPK program.”
About Northern Superior Resources Inc.
Northern Superior Resources Inc. is a junior exploration company focused on exploring for gold and diamonds in the Superior Province of the Canadian Shield. The Company currently has three active, high quality gold exploration projects in Ontario and Quebec - TPK, Thorne Lake and Wachigabau (see Company web site, www.nsuperior.com). These projects, and eight more early stage gold exploration projects (Rapson Bay, Meston Lake, New Growth, Lespinay, Lac Surprise, Hazeur, Chibougamou River and Lamarck Creek), were all developed from the Company’s extensive geoscientific data base. Additional gold exploration projects are currently being developed from this data base. In addition to optioning out the TPK property, the Company is currently seeking to option-out its other 100% owned Rapson Bay, Meston Lake, New Growth, Lespinay, Lac Surprise, Hazeur, Chibougamou River and Lamarck Creek gold projects.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP. For further information contact:
Forward looking statements: This news release includes certain “forward‐looking information” within the meaning of Canadian securities legislation and “forward‐looking statements” within the meaning of the United States Private Securities Litigation Reform Act or 1995 (collectively, “forward looking statements”). Forward looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “ forecast”, “ expect”, “ potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved or other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results, interpretation of results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Northern Superior or Rainy River are forward‐looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Northern Superior’s or Rainy River’s expectations include exploration risks, changes in project parameters as plans continue to be refined, results of future resources estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on 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.