Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) announced plans to raise up to $7 million in a private placement to boost its exploration efforts.
The bought deal private placement encompasses two tiers of shares: firstly, 4,545,500 common shares designated as flow-through (FT) shares priced at $0.99 per FT Share, amounting to gross proceeds of $4,500,045.
A second batch of 4,545,500 common shares will be priced at $0.55 per share, amassing gross proceeds of $2,500,025.
The deal culminates in an aggregate gross proceeds of approximately $7 million for the company.
Northern Superior is a gold exploration company focused on the Chibougamau Camp in Québec, Canada, boasting the largest land package in the area, spanning over 62,000 hectares. Key properties include Philibert, Lac Surprise, Chevrier, and Croteau.
The Philibert project, situated near IAMGOLD Corporation's Nelligan Gold project, holds a maiden 43-101 inferred resource of 1,708,800 ounces of gold and an indicated resource of 278,900 ounces of gold. Northern Superior owns a 75% stake in Philibert, with the remaining 25% held by SOQUEM, and retains an option for full ownership.
Chevrier boasts an inferred mineral resource of 652,000 ounces of gold and an indicated resource of 260,000 ounces of gold, while Croteau hosts an inferred mineral resource of 640,000 ounces of gold. Lac Surprise features the Falcon Zone Discovery, believed to be the western extension of IAMGOLD Corporation's Nelligan Deposit.