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Superior Mining Announces $2.5 Million Private Placement And Grant Of Stock Options


September 29, 2011

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Vancouver, British Columbia: Superior Mining International Corporation (the “Company” or “Superior”) announces that, subject to regulatory approval, it has negotiated a non-brokered private placement of up to 25,000,000 units at $0.10 per unit, for gross proceeds of up to $2,500,000.  Each unit will consist of one common share of the Company and one share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of one year at a price of $1.00 per share.

Subject to regulatory acceptance, the Company may pay a finder’s fee in the amount of 8% cash and 8% in warrants (“Finder’s Warrants”).  The Finder’s Warrants will be issued subject to applicable securities laws and will entitle the finder’s to purchase common shares of the Company for a period of one year at a price of $0.10 per share.

The proceeds from the private placement will be used to conduct further drilling on the Company’s Mangalisa property in the Free State of South Africa. 

The Company also announces that it has granted 5,250,000 stock options to directors, officers and consultants of the Company.  The options will be exercisable at $0.12 per share for a period of five years from the date of grant.  1,508,402 options will vest upon shareholder approval of an amended stock option plan.  The Company intends to seek shareholder approval to the amended plan at its next annual general meeting.


On behalf of the Board of Directors of
Superior Mining International Corporation

“Brent Butler”

Brent Butler
President & CEO

For more information please contact:
Superior Mining International Corporation
Brent Butler, President & CEO
Telephone: (604) 601-2005  Fax: (604) 488-0319  
Email: info@superiormining.com     

 

The securities described in this press release will not be or have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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.

All of Superior Mining International's news releases made prior to January 2007 can be found on the System for Electronic Document Analysis and Retrieval (SEDAR) at http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00007879

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