Northern Superior Resources Inc said it had closed a fully-subscribed, non-brokered equity private placement of C$5 million.
The firm issued 10 million shares at an issue price of C$0.50 per share.
A group of strategic investors and insiders participate in the financing, Northern Superior said, including a “well-recognized Canadian institution” and two well-known mining investors with “long term conviction,” according to the company,
Proceeds from the offering will be used to fund exploration activities on one or more of its properties and for general corporate purposes, it said in a statement.
Toronto-based Northern Superior is a gold exploration company focused on the Chapais-Chibougamau Camp in Québec.
The company owns the largest land package in the region, with total land holdings currently exceeding 62,000 hectares.
Its main properties include Philibert, Lac Surprise, Chevrier and Croteau Est, as well as significant exploration assets in Northern Ontario highlighted by the district scale TPK project.
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