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Superior Mining International Corporation: Private Placement of Convertible Notes
Published : November 06, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 6, 2012) - Superior Mining International Corporation (News - Market indicators) (the "Company"), wishes to announce that it intends to arrange a private placement (the "Private Placement") of unsecured convertible notes (the "Notes") to raise gross proceeds of up to $200,000. The lenders may convert all or a portion of the Notes at any time into common shares (the "Conversion Shares") of the Company at $0.10 per share. The principal amount and all accrued and unpaid interest will be payable 12 months from closing, or earlier upon certain stated events. The Notes will accrue interest at 12% per annum. Interest may be paid in cash or shares at the option of the Company. Any shares issued to pay interest ("Interest Shares") will be issued at the market price at the time of payment.

Purchasers of the Notes will also receive detachable share purchase warrants (the "Warrants") entitling them to purchase up to a total of 2,000,000 common shares of the Company (each a "Warrant Share") exercisable at a price of $0.10 per Warrant Share for one year from the date of the closing of the Private Placement.

The financing is subject to the acceptance of the TSX Venture Exchange. The Notes and Warrants and any Conversion Shares and Interest Shares issued will be subject to a four month hold period. Certain insiders of the Company intend to participate in the financing.

The proceeds of the Private Placement funds are to be used for working capital.

On behalf of the Board of Directors of Superior Mining International Corporation

Brent Butler, President and Chief Executive Officer

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE INC. DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

THE TSX VENTURE EXCHANGE INC. DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Superior Mining International Corporation
Brent Butler
President and Chief Executive Officer
(604) 601-2005
(604) 488-0319 (FAX)
www.superiormining.com
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Superior Mining International Corp

EXPLORATION STAGE
CODE : SUI.V
ISIN : CA8682111031
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Financings of Superior Mining International Corp
11/6/2012oration: Private Placement of Convertible Notes
Option Grants of Superior Mining International Corp
3/4/2011Grant of 2,090,000 stock options at $0,22
Nominations of Superior Mining International Corp
3/22/2011Announces Appointment of New President and Chief Executive O...
Project news of Superior Mining International Corp
1/19/2013(Mangalisa)Receives Shareholder and Regulatory Approval to Agreement on...
12/18/2012(Mangalisa)Announces Agreement on Mangalisa Gold Project
6/15/2010(Mangalisa)Announces Drilling Update on Mangalisa Project in South Afri...
12/18/2009(Mangalisa)Strikes $10,000,000 Earn in Agreement on Mangalisa Property
Corporate news of Superior Mining International Corp
5/13/2013Receives Anomalous Gold Results from the First Drilling Prog...
2/28/2013Completes First Drilling Program at Its Australia Redcastle ...
1/30/2013Announces Results from the December Soil Program at Redcastl...
12/4/2012Announces That A Soil Sampling Program has Been Completed on...
6/30/2011(Mangalisa)Announces Property Ownership Update and Encouraging Gold-Ura...
5/5/2010Option Agreement to Acquire Up to 80% of Otamcopper-Gold Pro...
4/7/2010Acquisition of New Alluvial Property-Ross South
4/6/2010Acquisition of New Ground Adjacent to Defined Gold Zones on ...
3/30/2010Not Proceeding With Ross Property Option Agreement
3/24/2010Confirmation of Near Surface Gold Zones From Exploration Dri...
10/13/2009Significant Gold Results Encountered From Drilling of New Ze...
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TSX-V (SUI.V)
0.005+0.00%
TSX-V
CA$ 0.005
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