Canadian Superior successfully closed its previously announced non-brokered private placement January 19, 2010. The Private Placement was over subscribed and the Company raised CDN$59,500,604 issuing 114,424,238 common shares ("Common Shares") at CDN$0.52 per Common Share.
Proceeds from the Private Placement will be used for the Company's exploration and development activities in its domestic and international operations and for general corporate purposes. Jennings Capital Inc. acted as financial advisor to the Company in connection with the Private Placement.
The securities have not been and will not be 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. 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 these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Appointment of New Director
In conjunction with the closing of the Private Placement, Canadian Superior has appointed James H.T. Riddell to the Company's Board of Directors, effective January 18, 2010. Mr. Riddell is the President and Chief Operating Officer and a Director of Paramount Resources Ltd. Mr. Riddell is also the President, Chief Executive Officer and a Director of Trilogy Energy Ltd., a wholly-owned subsidiary and the administrator of Trilogy Energy Trust. Mr. Riddell graduated from Arizona State University with a Bachelor of Science degree in Geology and from the University of Alberta with a Master of Science degree in Geology.
"I am delighted that Mr. Riddell, a well-respected member of the energy industry, has joined our Board of Directors," said Marvin Chronister, Chairman of Canadian Superior. "His wealth of knowledge and experience in the oil and gas industry will be of great value to the Company as we continue to move forward with the development of our global portfolio of assets."
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