Northern Superior Resources Inc.

Northern Superior Resources Inc.

December 23, 2009 13:04 ET

Northern Superior Completes Non-Brokered Private Placement Financing

SUDBURY, ONTARIO--(Marketwire - Dec. 23, 2009) - Northern Superior Resources Inc. (TSX VENTURE:SUP)(the "Company") is pleased to announce that it has completed its non-brokered private placement which was first announced on December 7, 2009. Gross proceeds of $3,189,739.80 were raised through the issuance of 26,581,165 units at a price of $0.12 per unit. Each unit is comprised of one flow-though common share and one half of a warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company for a period of 2 years at an exercise price of $0.16 in the first year and at a price of $0.20 thereafter.

In connection with the offering, certain registered dealers were issued 1,488,992 warrants to purchase common shares of the Company at a price of $0.12 per share, for two years. 

All common shares, warrants and common shares issuable upon exercise of the warrants issued in connection with the offering are subject to a hold period under applicable securities laws, which hold period expires on April 23, 2010.

This financing has been conditionally approved by the TSX Venture Exchange.

Dr. T.F. Morris President and CEO commented: "I would like to thank those who supported this financing including those dealers who were instrumental in raising the funds including, Limited Market Dealer Inc., National Bank Financial, Wellington West Capital Markets Inc., CGE Resources 2009 Inc., and Raymond James Ltd. The funds raised will be used primarily to advance the Company's exciting gold projects in Ontario, and we look forward to sharing the progress of these projects with our shareholders through 2010."

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

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