Canadian Superior Announces Non-Brokered Financing
Canadian Superior intends to raise up to C$50,000,000 through a non-brokered private placement issue of up to 96,153,846 common shares at C$0.52 per Common Share, which is the Market Price as of December 16, 2009. Market Price has the meaning ascribed thereto in the TSX Company Manual.
Treherne Resources, a private company controlled by Mr. Clay Riddell, has subscribed for C$20,000,000 of the Private Placement (the "Treherne Subscription"). The Company has offered a position on its Board of Directors to Mr. Riddell, or another Treherne representative, subject to approval of such representative by the Company's Board of Directors, upon the closing of the Private Placement and the Treherne Subscription. The new director will be announced after closing of the Private Placement and the Treherne Subscription.
The Common Shares issued pursuant to the Private Placement are subject to a four month plus one day hold from the date of closing of the Private Placement in accordance with applicable Canadian securities legislation. Closing of the Private Placement is expected to occur on or about January 14, 2010 and is subject to receipt of all necessary regulatory approvals and other customary conditions.
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. is acting as financial advisor to the Company.
- Canadian Superior Energy Notes Operational Updates (Jun 03)
- Canadian Superior Energy Posts 1Q10 Results (May 13)
- Canadian Superior Energy Waves Goodbye to COO (May 05)