Northern Superior Completes $8 Million Private Placement with Significant Insider Participation

TORONTO, ON / ACCESSWIRE / May 28, 2024 / Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) has finalized its previously announced bought deal financing. The company issued 5,050,600 flow-through shares at $0.99 per share and 5,454,600 common shares at $0.55 per share, raising gross proceeds of $8 million.

Cormark Securities Inc. acted as the sole underwriter and bookrunner. The net proceeds from the common shares will be used for general corporate purposes, while the funds from the flow-through shares will be directed towards eligible exploration expenses in Québec, in line with Canadian tax provisions.

Key insiders including Simon Marcotte, Victor Cantore, and Michael Gentile participated, acquiring 1,820,000 common shares. This participation was deemed a "related party transaction" but was exempt from formal valuation and minority shareholder approval requirements.

The offering was made using the listed issuer financing exemption, with no hold period for Canadian subscribers. Final acceptance from the TSX Venture Exchange is pending post-closing filings.