Superior Mining International Corporation

Superior Mining International Corporation

December 05, 2007 08:30 ET

Superior Mining International Corporation Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) - Superior Mining International Corporation (the "Company") (TSX VENTURE:SUI) is pleased to announce a non-brokered financing of up to 10,000,000 units at a price of $0.40 per unit. Each unit will consist of one common share and one-half of a share purchase warrant. Each warrant will entitle the holder to acquire an additional common share for a period of 12 months at a price of $0.60.

The Company may pay a 7% finder's fee in cash of gross proceeds raised, and issue finders warrants exercisable for up to 7% of the number of shares sold, exercisable at a price of $0.60 per share for a period of 12 months from closing.

If after 4 months from the closing of the private placement the Company's common shares close on the TSX Venture Exchange at or above $1.00 for 10 consecutive trading days, the Company will have the right to accelerate the expiry of the warrants to a date that is 30 days from the date the Company gives notice to the subscribers of such early expiry.

All securities 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 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)