Superior Mining International Corporation

Superior Mining International Corporation

September 24, 2009 08:30 ET

Superior Mining International Corporation: Announcement of Private Placement, Stock Option Grants and Amendments

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - Superior Mining International Corporation (TSX VENTURE:SUI) (the "Company") is pleased to announce a non-brokered private placement (the "Offering") to raise gross proceeds to the Company of up to $720,000 by the issuance of up to 6,000,000 common shares of the Company at a price of $0.12 per common share.

The Company has agreed to pay a finders fee in connection with this private placement by way of a cash commission equal to 8% of the gross proceeds from the Offering. The proceeds from the private placement will be used for additional work on the Company's New Zealand properties and for general corporate purposes.

Further the Company has engaged Frank Balestra to provide management, business development and consulting services to the Company. The consulting agreement with Mr. Balestra has a term of 12 months and includes consulting fees of CDN $4,000 per month, reimbursement of reasonable expenses and 700,000 stock options exercisable at $0.12 for a period of five years.

The Company has also granted an aggregate of 200,000 stock options exercisable at $0.12 per share for a term of five years to two consultants of the Company. Further, the Company has amended an aggregate of 1,500,000 outstanding stock options held by directors, officers, employees and consultants to reduce the exercise price from $0.34 to $0.12 per share, subject to the approval of shareholders and the TSX Venture Exchange.

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

John Proust, President & CEO

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 has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

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