Rainy River to Complete Second Tranche Private Placement Financing to Northern Superior
(via Thenewswire.ca)
Sudbury, Ontario, July 6, 2011. Northern Superior Resources Inc. (TSXV: SUP) (the "Company") is pleased to announce that the TSX Venture Exchange provided conditional approval on June 28, 2011 of a second tranche private placement financing to Rainy River Resources Ltd. (TSX-V: RR) ("Rainy River").
Rainy River will complete the second tranche private placement financing pursuant to an option agreement between the Company and Rainy River dated June 21, 2010 (the "Option Agreement"). Pursuant to the Option Agreement Northern Superior granted to Rainy River June 21st, 2010, Rainy River has an option to earn a 51% joint venture interest in the eastern half of the Company's 100% owned Ti-pa-haa-kaa-ning gold property in Northwestern Ontario.
Pursuant to the terms of the Option Agreement, Rainy River will complete its second of three equal annual private placements of common shares of the Company by subscribing for $500,000 worth of shares.
The private placement is set to close on or about July 8, 2011 with Rainy River subscribing for 1,388,889 common shares of the Company at a price per common share of $0.36 for gross proceeds of $500,000. 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 are payable in connection with the private placement.
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:
Thomas F. Morris PGeo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.ca
For Investors
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.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.