Superior Mining International Corporation

Superior Mining International Corporation

December 28, 2007 14:57 ET

Superior Mining International Corporation Announces Closing of First Tranche of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 28, 2007) - Superior Mining International Corporation (the "Company") (TSX VENTURE:SUI) is pleased to announce the closing of the first tranche, consisting of 4,700,000 units ("Units"), of the previously announced non-brokered private placement of up to 10,000,000 Units at a price of $0.40 per Unit (the "Financing"). Each Unit will consist of one common share of the Company (a "Share") and one-half of a share purchase warrant (each whole warrant a "Warrant"). Each Warrant will entitle the holder to acquire an additional Share of the Company for a period of 12 months at a price of $0.60.

All securities issued in the Financing will be subject to a hold period of four months from closing. The Financing is subject to regulatory approval.

Proceeds from the Financing will be used to fund the exploration of the Company's Mangalisa property (formerly known as Kareeboom) in South Africa, to advance the recently acquired New Zealand properties, and for general working capital.

On behalf of the Board of Directors of Superior Mining International Corporation

John Proust, President & CEO

This news release has been prepared by management of the company who takes full responsibility for its contents. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Superior Mining International Corporation
    John Proust
    (604) 601-2005
    (604) 488-0319 (FAX)