Canadian Superior Energy Inc. has entered into an agreement for a non-brokered private placement offering in the amount of US $35,000,000. The offering will be by way of the issuance of 8,750,000 individual Units at a price of US $4.00 per Unit and has been fully subscribed by three of our existing shareholders.
Units will be comprised of one Canadian Superior Energy common share and one-half of one common share purchase warrant, each whole warrant exercisable for a period of one year and at an applicable strike price of US $4.75. Proceeds of the offering will be used to fund Canadian Superior's exploration spending and new business development activities.
Pursuant to the terms of the Agreement, Canadian Superior will be filing a registration statement with the SEC. Closing of the transaction is subject to the approval of the Toronto Stock Exchange ("TSX") and the American Stock Exchange ("AMEX").
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