Northern Superior Announces Closing of $5 Million Private Placement and Welcomes NQ Investissement Minier as a Shareholder

Rhea-AI Summary

Northern Superior Resources (OTCQB:NSUPF) has successfully closed its previously announced bought deal financing, raising $5,005,000 through the issuance of 6,500,000 common shares at $0.77 per share. Cormark Securities acted as the sole underwriter, receiving a 6% cash commission on the gross proceeds.

Notably, NQ Investissement Minier (NQIM), a Matagami-based regional investment fund focused on mining development in Northern Québec, has participated in the offering. The net proceeds will be used for working capital and general corporate purposes. The securities were issued under the listed issuer financing exemption and will not be subject to a hold period for Canadian resident subscribers.

Positive

• Successfully raised $5 million through bought deal financing
• Strategic investment from NQ Investissement Minier, a regional fund focused on Northern Québec mining development
• No hold period on securities for Canadian resident subscribers

Negative

• 6% cash commission paid to underwriter reduces net proceeds
• Dilution of existing shareholders through issuance of 6.5 million new shares

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, ON / ACCESS Newswire / June 25, 2025 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV:SUP)(OTCQB:NSUPF) is pleased to announce that it has closed its previously announced bought deal financing (see press releases dated June 16, 2025) by issuing 6,500,000 common shares of the Company (the "Common Shares") at a price of $0.77 per Common Share, for gross proceeds of $5,005,000 (the "Offering").

Cormark Securities Inc. (the "Underwriter") acted as sole underwriter and bookrunner of the Offering. In connection with the Offering, the Company paid to the Underwriter a cash commission equal to approximately 6.0% of the gross proceeds of the Offering.

The net proceeds from the Offering will be used for working capital and general corporate purposes.

The Offering was made pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended and supplemented by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "LIFE Exemption"). The securities issued to Canadian resident subscribers pursuant to the LIFE Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws. A copy of the offering document dated June 16, 2025 prepared by the Company in connection with the LIFE Exemption is available electronically under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.nsuperior.com. Final acceptance by the TSX Venture Exchange (the "TSX-V") of the Offering is subject to the completion of customary post-closing filings.

NQ Investissement Minier

The Company is also pleased to announce that NQ Investissement Minier ("NQIM") has participated in the Offering. NQIM is a Matagami-based regional investment fund dedicated to mining development in Northern Québec. The fund offers financial support and strategic expertise to exploration companies, with investments guided by a sustainable and responsible approach, promoting positive benefits for local and First Nation communities.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available. "United States" and "U.S. person" have the meaning ascribed to them in Regulation S under the U.S. Securities Act.

Qualified Person ("QP")

The technical content and drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and have been reviewed and approved by Ms. Melanie Pichon, P.Geo., Senior Geologist for Northern Superior. Ms. Pichon is a QP under the NI 43-101 and is not considered independent.

About Northern Superior Resources Inc.

Northern Superior is a gold exploration company focused on the Chibougamau Camp in Québec, Canada. The Company has consolidated the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier, and Croteau. Northern Superior also owns 56% of ONGold Resources Ltd. (TSXV: ONAU) (OTCQX: ONGRF) which is advancing promising exploration assets in Northern Ontario and Manitoba, including the district scale TPK Project and Monument Bay; Agnico Eagle Mines Limited owns 15% of ONGold Resources Ltd.

The Philibert Project is located 9 km from IAMGOLD Corporation's Nelligan¹ Gold project. Philibert hosts a maiden 43-101 inferred resource of 48.5 Mt at 1.10 g/t Au for 1,708,800 ounces Au and an indicated resource of 7.9 Mt tonnes at 1.10 g/t Au for 278,900 ounces Au.² Northern Superior holds a majority stake of 75% in the Philibert Project, with the remaining 25% owned by SOQUEM, and retains an option to acquire the full 100% ownership of the project. Chevrier hosts an inferred mineral resource of 15.7 Mt at 1.29 g/t Au for 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 6.4 Mt at 1.26 g/t Au for 260,000 ounces Au.³ Croteau hosts an inferred mineral resource of 11.6 Mt at 1.7 g/t Au for 640,000 ounces Au.⁴ Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation's Nelligan Gold project.

Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX-V under the symbol SUP and the OTCQB Venture Market under the symbol NSUPF. For further information, please refer to the Company's website at www.nsuperior.com or the Company's profile on SEDAR+ at www.sedarplus.ca.

Northern Superior Resources Inc. on Behalf of the Board of Directors

Simon Marcotte, CFA, President and Chief Executive Officer

Contact Information

Katrina Damouni|
Director - Corporate Development
Tel: +44 7795 128583 (Mobile/WhatsApp)
info@nsuperior.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements. Forward-looking statements made in this press release include, but are not limited to, the receipt of the TSX-V approval, the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at under the Company's profile on SEDAR+ at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

¹ "lAMGOLD Announces Significant Increase in Nelligan Ounces & Update of Global Mineral Reserves and Resources";

IAMGOLD reports increase in mineral reserves and resources at existing assets, with increase in resources at Gosselin; IAMGOLD Corporation News Release dated February 15, 2024, October 23, 2024, and February 20, 2025. Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

²Independent Technical Report MINERAL RESOURCES ESTIMATION OF THE PHILIBERT PROJECT Québec, Canada. September 22, 2023. Prepared in accordance with NI 43-101 by Goldminds Geoservice Inc. to Northern Superior Resources. Philibert hosts a maiden 43-101 inferred resource of 48.5 Mt at 1.10 g/t Au for 1,708,800 ounces Au and an indicated resource of 7.9 Mt tonnes at 1.10 g/t Au for 278,900 ounces Au Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

³NI 43-101 Technical Report Mineral Resource Estimation for the Chevrier Main Deposit, Chevrier Project Chibougamau, Quebec, Canada, October 20, 2021, Prepared in accordance with NI 43-101 by Lions Gate Geological Consulting Inc. IOS Services Géoscientifiques Inc. for Northern Superior. Chevrier hosts an inferred mineral resource of 15.7 Mt at 1.29 g/t Au for 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 6.4 Mt at 1.26 g/t Au for 260,000 ounces Au Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

⁴Chalice Gold Mines Limited and Northern Superior Resources Inc. Technical Report on the Croteau Est Gold Project, Québec, September 2015, Prepared in accordance with NI 43-101 by Optiro Pty Ltd ("Optiro") to Chalice Gold Mines Limited and Northern Superior.Croteau hosts an inferred mineral resource of 11.6 Mt at 1.7 g/t Au for 640,000 ounces Au. Note that the technical and scientific information disclosed from neighboring properties does not apply to any other properties of the area.

SOURCE: Northern Superior Resources Inc.

View the original press release on ACCESS Newswire

FAQ

How much did Northern Superior Resources (NSUPF) raise in their June 2025 private placement?

Northern Superior Resources raised $5,005,000 through the issuance of 6,500,000 common shares at $0.77 per share.

What is the price per share for Northern Superior's June 2025 private placement?

The common shares were priced at $0.77 per share.

How will Northern Superior (NSUPF) use the proceeds from the private placement?

The net proceeds will be used for working capital and general corporate purposes.

Who participated in Northern Superior's June 2025 private placement?

NQ Investissement Minier (NQIM), a Matagami-based regional investment fund focused on mining development in Northern Québec, participated in the offering, with Cormark Securities acting as the sole underwriter.

Is there a hold period for the shares issued in Northern Superior's private placement?

Securities issued to Canadian resident subscribers will not be subject to a hold period under applicable Canadian securities laws, as the offering was made under the listed issuer financing exemption.