Canadian Superior Closes Over Subscribed Equity Financing of $16MM

Canadian Superior announced that on Friday, December 5, 2008 it successfully closed an over subscribed equity financing, by way of private placement, of 10,322,581 flow through common shares priced at $1.55 per share for total gross proceeds of $16,000,000.

The private placement was underwritten by Acumen Capital Finance Partners Limited "Acumen") for the first $5.0 Million, and Acumen exercised an option with the Company to sell all of a further $11.0 Million of the offering.