Superior Copper Announces $2.25 Million Best Efforts Non-Brokered Private Placement

Superior Copper Corporation (TSXV:SPC) plans to complete a best efforts non-brokered private placement financing of hard dollar units at a price of $0.15 per HD Unit, and flow-through common shares priced at $0.15 per FT Share, for gross proceeds of up to $2,250,000. Proceeds from the offering will be used for general working capital and to further develop and explore the Superior Project, Batchawana Bay, Ontario. Superior Copper expects that a second drill rig will be active on the property as soon as possible.

As quoted in the press release:

Each HD Unit will be comprised of one common share (“Common Share”) and one-half common share purchase warrant (“HD Warrant”), with each HD Warrant being exercisable for one common share of the Corporation at an exercise price of $0.20 for a period of 24 months following the closing date of the Offering. The securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period.

Click here to read the Superior Copper Corporation (TSXV:SPC) press release