Superior Copper Announces Oversubscription and Increase of Previously Announced Non-Brokered Private Placement
May 01 2014 - 9:53AM
Marketwired
Superior Copper Announces Oversubscription and Increase of
Previously Announced Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - May 1, 2014) - 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
Superior Copper CorporationJohn TaitPresident and Chief
Executive
Officer416-628-5905jtait@superiorcopper.cawww.superiorcopper.ca
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