Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) announced that it has closed a $3 million subscription receipt financing related to the spinout of its Ontario exploration assets.
Earlier this summer, Northern Superior revealed plans to spin out its exploration properties, including Ti-pa-haa-kaa-ning and October Gold, to BCCo in order to focus solely on its Quebec exploration project.
Closing of the offering satisfies the financing condition under the agreement, which stated that BCCo would complete a non-brokered private placement of Subscription Receipts for minimum gross proceeds of $3 million.
All told BCCo issued 5,882,356 subscription receipts at a price of $0.51 per subscription receipt for gross proceeds of $3,000,001.56.
Upon closing, Northern Superior will own 35,686,686 shares of BCCo with a deemed value of approximately $18.2 million.
Toronto-based Northern Superior is a gold exploration company focused on the Chibougamau Camp in Québec. The firm has amassed the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau Est.