Superior Mining Negotiates $500,000 Private Placement
VANCOUVER, BRITISH COLUMBIA - April 9, 2010 - Superior Mining International Corporation (TSX VENTURE:SUI) (the "Company") announces that, subject to regulatory acceptance, it has negotiated a private placement of up to $500,000, comprised of a maximum of 2 million common shares at a price of $0.25 per share.
Subject to regulatory acceptance, the Company may pay a finder's fee consisting of 8% cash and 8% warrants with respect to this private placement. The finder's fee warrants may be exercised for a period of one year at $0.25 per share.
All securities issued will be subject to a four-month hold period.
The proceeds from the private placement will be used to carry out the Company's previously announced bulk sampling activities on its Victory and Victory North properties, to advance exploration on the Ross South Property, to seek a Resource Consent (Mining Permit) and to commence preliminary design and pre-construction work on a processing plant for the Victory properties.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
On behalf of the Board of Directors of Superior Mining International Corporation
John Proust, President & CEO
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 has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Superior Mining International Corporation
President & CEO
Fax: (604) 488-0319