RE: Insiders beat you too itWell.......same old same old.
Superior Diamonds Inc (2) (C-SUP) - News Release
Superior Diamonds to raise $10-million for exploration
2007-04-20 07:20 ET - News Release
Shares issued 46,297,866
SUP Close 2007-04-19 C$ 0.62
Mr. John Paterson reports
SUPERIOR PROPOSES A $10 MILLION PRIVATE PLACEMENT FINANCING
Superior Diamonds Inc. has entered into an agreement with MGI Securities Inc. and Haywood Securities Inc. to raise up to $10-million in a private placement financing consisting of a combination of units at 60 cents per unit and flow-through common shares at 65 cents per flow-through share. Each unit will consist of one common share plus one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 75 cents, expiring 24 months from the closing date.
Net proceeds will be used to advance the Ville Marie and Lesperance diamond projects in Quebec and the North Thelon uranium joint venture project in Nunavut, as well as general corporate purposes. Closing is expected on May 16, 2007.
The units and flow-through shares will be offered by way of private placement exemptions from the prospectus requirements in such provinces of Canada as the agents may designate. The units may also be offered in the United States and other jurisdictions outside of Canada by way of private placement in accordance with applicable laws.
The company will pay the agents a fee equal to 7 per cent of the gross proceeds of the offering and will issue the agents non-transferable warrants equal to 7 per cent of the total number of units and flow-through shares issued under the offering. The broker warrants will be exercisable for 24 months from the closing date at a price equal to the unit issue price.
Any participation by insiders of Superior in the offering, which participation will be subject to the approval of independent directors of the company, will be on the same terms as arm's-length investors, and shareholdings of insiders in the company will increase as a result of any such participation. The private placement may close before 21 days following the filing of the material change report regarding this announcement, if management determines it is necessary or desirable for sound business reasons.
We seek Safe Harbor.