SUDBURY, ONTARIO -- (Marketwire) -- 06/21/12 -- Northern Superior Resources Inc. (TSX VENTURE:SUP) (the "Company") is pleased to announce that Rainy River Resources Ltd. ("Rainy River") (TSX:RR) has indicated its intention to complete the third and final $500,000 private placement financing required to maintain its option to earn a 51% joint venture interest in the eastern half of the Company's 100%-owned Ti-pa-haa-kaa-ning gold property in Northwestern Ontario in good standing.
Rainy River has agreed to subscribe for 2,631,579 common shares of the Company at a price per common share of
.19 for gross proceeds of $500,000. The price was calculated in accordance with the terms an Option Agreement between the Company and Rainy River dated September 9, 2010 and was based on the volume weighted average trading price of the Company's common shares for the 20 trading days preceding the effective date of the Option Agreement. No commission, dealer or finders fees are payable in connection with the private placement and the transaction is subject to TSX Venture Exchange Approval.
DP