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Superior Mining International Corporation announces non-brokered private placement
Superior Mining International Corporation announces non-brokered private placement.
About this update from Superior Mining International Corporation
[{"type":"text","content":"\n\n\n\n\nTSX-V: SUI\n\nVANCOUVER, July 25 /CNW/ - Superior Mining International Corporation,\nformerly \"Superior Mining Corporation\" (the \"Company\") is pleased to announce\nthat the Company has now completed its previously announced (June 8, 2006)\nprivate placement (the \"Private Placement\") pursuant to which the Company has\nnow issued from treasury an aggregate of 16,000,000 common shares of the\nCompany (each a \"Share\") at a subscription price of $0.25 per Share. A 7% cash\nfinders' fee will be paid by the Company as a consequence of the successful\ncompletion of the Private Placement.\nThe Company has now utilized approximately $1,700,000 of the $4,000,000\nin gross proceeds from its Private Placement to pay the balance of the\nCompany's shareholder loan to maintain its 50% interest in Pamodzi Gold under\nits previously approved Shareholders' Agreement with Pamodzi Resources (Pty)\nLimited. The principal asset of Pamodzi Gold (Pty) Limited is the Middlevlei\nGold Project. The balance of the gross proceeds, less the applicable finders'\nfees, will be utilized to pay the Company's current accounts payable and for\nadministration, general corporate purposes and working capital.\nEach of the Private Placement Shares are now subject to a hold period as\nto its transferability in Canada expiring on November 20, 2006, in respect of\n9,695,000 of the Shares, and November 22, 2006, in respect of the balance of\n6,305,000 of the Shares, in accordance with the provisions of Multilateral\nInstrument 45-102 Resale of Securities.\nThe Company is an early stage exploration and near term producer focused\non the mining of gold prospects in the central Witwatersrand region of South\nAfrica.\n\nOn behalf of the Board of Directors of\nSuperior Mining International Corporation\n\n\"John Proust\"\n\nJohn Proust\nPresident & CEO\n\nTHIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO\nTAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE INC.\nDOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS\nRELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE\nSOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE\nSECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE\nWOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE\nSECURIT...