Toronto, Ontario--(Newsfile Corp. - January 9, 2023) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition (the "Acquisition") of 6,242,858 common shares (the "Common Shares") in the capital of Northern Superior Resources Inc. (the "Company"), as a result of exercising an aggregate of 6,242,858 Common Share purchase warrants (the "Warrants") at a price of $0.10 per Common Share for aggregate consideration of $624,285.80.
Prior to the completion of the Acquisition, Mr. Gentile beneficially owned and controlled, directly or indirectly, an aggregate of 12,896,358 Common Shares, 7,310,858 Warrants, 49,394 restricted share units, 495,000 stock options and 17,600,000 contingent value rights (upon the Company meeting certain criteria are automatically convertible into 1,056,000 Common Shares), representing approximately 10.64% of the Company's issued and outstanding common shares on an undiluted basis and approximately 16.76% of the Company's issued and outstanding common shares on a partially diluted basis. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, an aggregate of 19,139,216 Common Shares, 1,068,000 Warrants, 49,394 restricted share units, 495,000 stock options and 17,600,000 contingent value rights (upon the Company meeting certain criteria are automatically convertible into 1,056,000 Common Shares), representing approximately 15.02% of the Company's issued and outstanding common shares on an undiluted basis and approximately 16.76% of the Company's issued and outstanding common shares on a partially diluted basis.
The Common Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
For further details relating to the acquisition, please see the Report, a copy of which is available on SEDAR or from Michael Gentile at 514-591-4227.
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