Northern Superior Resources Inc.
TSX VENTURE : SUP

Northern Superior Resources Inc.

December 17, 2010 17:14 ET

Northern Superior Announces Bought Deal Fully Subscribed and Additional Flow-Through Financing

SUDBURY, ONTARIO--(Marketwire - Dec. 17, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES.

Northern Superior Resources Inc. (the "Company") (TSX VENTURE:SUP) is pleased to announce that Wellington West Capital Markets Inc. ("Wellington West"), the lead underwriter in connection with the bought deal private placement financing (the "Offering") of common shares of the Company (the "Common Shares") announced on December 16, 2010, has now advised the Company that the Offering has been fully subscribed, including the underwriters' option, for a total of 12,500,000 Common Shares for anticipated gross proceeds of $10,000,000. Wellington West is leading a syndicate of underwriters including Scotia Capital Inc. and Paradigm Capital Inc. (collectively, the "Underwriters") in connection with the Offering. The Offering is scheduled to close on or about January 12, 2011.

The Company also announces that it has entered into an agreement with Wellington West, on behalf of the same syndicate mentioned above, in respect of a best efforts private placement of 6,730,769 flow-through common shares ("Flow-Through Shares") at a weighted average price of $1.28 per Flow-Through Share for gross proceeds of approximately $8.6 million (the "Flow-Through Offering"). 

The net proceeds from the Flow-Through Offering will be used to fund ongoing exploration activities on the Company's gold projects, which expenses are eligible for Canadian exploration expenses for tax purposes and will be renounced in favour of the subscribers for the Flow-Through Shares effective on or before December 31, 2011.

The Flow-Through Offering is scheduled to close on or about January 19, 2011 and is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The Common Shares and Flow-Through Shares to be issued pursuant to the Offering and Flow-Through Offering respectively will be subject to a four-month restricted resale period, such period to commence upon the closing of each respective offering.

This news release is not an offer of Common Shares or Flow-Through Shares for sale in the United States. The Common Shares and Flow-Through Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Northern Superior

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.

Neither the TSX Venture Exchange nor its Regulation Services Provide (as such term is defined in the TSX Venture Policies) accepts responsibility for the adequacy or accuracy of this release.

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