Northern Superior Resources Inc. announced a non-brokered private placement of 10,000,000 common shares at a price of CAD 0.50 per share for gross proceeds of CAD 5,000,000 on January 24, 2023. The transaction will include participation from a well-recognized Canadian institution, two strategic investors with long term conviction, insiders including Victor Cantore, Executive Chairman of the company, for CAD 250,000, Simon Marcotte, President and Chief Executive Officer of the company, for CAD 250,000, Michael Gentile, director of the company for CAD 250,000 and Andrew Farncomb, director of the company, for CAD 100,000. The common shares to be sold in the transaction are non-flow-through.

The securities will be subject to a four-month hold period. Commissions or finder's fee may be paid on a portion of the proceeds from the transaction. The company expects to close the transaction on or before February 6, 2023.

The transaction is subject to customary closing conditions including, but not limited to, the negotiation and execution of a definitive subscription agreements with investors, and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.