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Northern Superior Announces Non-Brokered Private Placement Financing

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  Published in House and Home on Monday, December 7th 2009 at 5:16 GMT by Market Wire
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SUDBURY, ONTARIO--(Marketwire - Dec. 7, 2009) - Northern Superior Resources Inc. (TSX VENTURE:SUP)(the "Company") is pleased to announce that it has initiated a non-brokered private placement to raise between $2,500,000 to $3,000,000. The funds raised will be utilized to further exploration work on the Company's gold projects.

"The raising of these funds will be used to advance our gold exploration programs, particularly the 2010 drill programs planned for the Ti-pa-haa-kaa-ning gold property in northwestern Ontario", said Thomas F. Morris, President and CEO. "Following the successful airborne geophysical program completed in the fall of 2009 over this property, the Company is now ramping up logistics for drill programs (both reverse circulation and diamond drilling) slated for the first and second quarters of 2010."

Under the Financing, the Company will issue up to 25,000,000 units of the Company at a price of $0.12 per unit. Each unit will be comprised, at the election of the Company and each investor, of either: (i) one flow-through common share of the Company and one-half of a share purchase warrant (the "FT Units"), or (ii) one common share of the Company issued on a non-flow through basis and one half of a share purchase warrant (the "Non-FT Units"). Each whole warrant forming part of all Units will entitle the holder thereof to purchase one common share of the Company issued on a non-flow through basis, for a period of 2 years from the closing of the Financing, at a price of 0.16 per share in the first year and $0.20 per share thereafter. The gross proceeds raised from the sale of FT-Units will be expended on qualifying Canadian Exploration Expenses (CEE) on the Company's mineral projects on or before December 31, 2010. The Company will renounce such CEE to FT Unit subscribers with an effective date of no later than December 31, 2009. All of the securities issued or issuable pursuant to the financing will be subject to a statutory hold or restricted period of four months and one day following the closing of the Financing.

The Company may pay to one or more registered dealers, cash commissions of up to 7% of the gross proceeds raised and may also issue broker warrants entitling such dealers to purchase that number of common shares of the Company as is equal to 7% of the number of FT Units and Non-FT Units sold to investors, at a price of $0.12 per share for a period of 2 years from the closing of the Financing.

The financing is subject to regulatory approval.

About Northern Superior Resources Inc.

Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.

For Investors

This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Company's recent filings, available on SEDAR.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release