Superior Copper Announces Oversubscription and Increase of Previously Announced Non-Brokered Private Placement
May 01 2014 - 10:53AM
Marketwired Canada
Superior Copper Corporation ("Superior Copper" or "the Company") (TSX
VENTURE:SPC) announces that its private placement offering of flow-through
common shares ("FT Shares") and hard-dollar units ("HD Units") first announced
on April 22, 2014, has been oversubscribed. The offering has been increased by
$305,000 to $3,555,000, and is now fully subscribed.
The FT Shares and HD Units were offered at a price of $0.10. Each HD Unit will
be comprised of one common share and one-half common share purchase warrant,
with each whole warrant being exercisable for the purchase of one common share
at an exercise price of $0.15 for a period of 24 months following the closing
date of the offering.
The offering is subject to the approval of the TSX Venture Exchange and
applicable securities regulatory authorities. The Company anticipates closing as
soon as practicable subject to receipt of all necessary regulatory approvals.
Superior Copper Corporation
Superior Copper Corporation is a Canadian-based exploration company focused on
base and precious metal exploration. The Company's primary objective is to
target highly prospective and underexplored mineral properties, particularly
copper, in order to meet the continual global demand. Its primary land position
is its 100%-owned Superior Project, which covers 15,789 hectares or 158 square
kilometers, and is located approximately 85 km north of Sault Ste. Marie,
Ontario. Superior Copper's property has the potential to host an Iron Oxide
Copper Gold ("IOCG") deposit. The Company has identified a large geophysical
magnetic high with coincident gravity anomalies, copper-bearing hematitic
breccias, as well as IOCG-type alteration patterns throughout the property,
which is located on the Proterozoic Mid-continental Rift.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange ("TSX-V") nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX-V) accepts responsibility for the adequacy or accuracy of this release. This
News Release includes certain "forward-looking statements". These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, use of
proceeds from the Offering, results of exploration, project development,
reclamation and capital costs of the Company's mineral properties, and the
Company's financial condition and prospects, could differ materially from those
currently anticipated in such statements for many reasons such as: changes in
general economic conditions and conditions in the financial markets; changes in
demand and prices for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments; technological and
operational difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. This list is not
exhaustive of the factors that may affect any of the Company's forward-looking
statements. These and other factors should be considered carefully and readers
should not place undue reliance on the Company's forward-looking statements. The
Company does not undertake to update any forward-looking statement that may be
made from time to time by the Company or on its behalf, except in accordance
with applicable securities laws. Please see our public filings at www.sedar.com
for further information.
Shares Outstanding: 101,756,284
FOR FURTHER INFORMATION PLEASE CONTACT:
Superior Copper Corporation
John Tait
President and Chief Executive Officer
416-628-5905
jtait@superiorcopper.ca
www.superiorcopper.ca
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