Superior Canadian Resources Inc.

Superior Canadian Resources Inc.

December 28, 2006 12:00 ET

Superior Canadian is Currently Raising Funds Thru a Non Brokered Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 28, 2006) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) today reported that it has commenced raising further capital thru a non brokered private placement financing consisting of both a flow thru unit and common unit arrangement on behalf of the Company. The private placement is subject to acceptance of a filing in respect of same by the TSX Venture Exchange.

200 Flow thru units ( $ 200,150.00) with each unit costing $ 1000.75 consisting of 4,550 flow thru common shares at $ 0.165 cents per share and 2000 common shares at $ 0.125 cents per share and 3,275 common share purchase warrant exercisable at $ 0.20 cents per share for a period of one year.

150 Common units ( $ 150,000.00) with each unit costing $ 1,000.00 consisting of 8,000 common shares at $ 0.125 cents per share and 4,000 common share purchase warrants exercisable at $ 0.20 cents per share for a period of one year.

The proceeds ( $ 350,150.000) from the private placement will be used to fund the Company's current ongoing mineral exploration program on the O'sullivan Lake Gold Project in Northwestern Ontario and for general working capital.

About Superior Canadian Resources Inc.

Based in Calgary Alberta, The Company has two mineral exploration projects (nickel, platinum, palladium, copper & gold) in Northwestern Ontario and through its wholly-owned oil & gas subsidiary, Koro Energy Inc., has revenue generating interests in oil & gas projects in Alberta.

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Shares issued & outstanding: 16,970,468

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Superior Canadian Resources Inc.
    David Sim
    President and CEO
    (403) 232-8555
    (403) 262-1169 (FAX)
    Superior Canadian Resources Inc.
    Jeff Shier
    (416) 550-9857
    CHF Investor Relations
    Jan Moir
    Vice President
    (416) 868-1079 ext. 237