Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) said it has closed its previously announced bought deal financing for gross proceeds of $8 million.
The company said it issued 5,050,600 shares that qualify as “flow through shares” at $0.99 per share for gross proceeds of $5 million which will be used for eligible Canadian exploration expenses, as defined by the tax act.
It also issued 5,454,600 shares at $0.55 for gross proceeds of $3 million which will be used for working capital and general corporate purposes.
Northern Superior highlighted that the financing saw strong insider participation, with CEO Simon Marcotte, executive chairman Victor Cantore and director Michael Gentile purchasing an aggregate of 1,820,000 shares.
Northern Superior is a gold exploration company focused on the Chibougamau Camp in Québec, Canada.