Cdn Superior Energy arranges $10-million financing

2008-11-21 09:24 ET - News Release

An anonymous director reports

CANADIAN SUPERIOR ENERGY INC. ANNOUNCES $10 MILLION FLOW-THROUGH FINANCING

Canadian Superior Energy Inc. has entered into an agreement with Acumen Capital Finance Partners Ltd., Calgary, Alta., to issue, by way of a private placement, 3,225,807 flow-through Canadian Superior shares in Canada, on a firm, bought-deal basis, at a purchase price of $1.55 per share, for total gross proceeds of approximately $5-million. The company has also granted Acumen an option to place, prior to close of business on Nov. 24, 2008, up to 3,225,807 additional shares on a best-efforts basis, at a price of $1.55 per share, for additional gross proceeds of approximately $5-million, which would increase the offering to approximately $10-million if fully exercised. The private placement is expected to close on or about Dec. 5, 2008, and is subject to receipt of all necessary regulatory approvals and other customary conditions. Canadian Superior plans to use the proceeds of the transaction for its drilling operations.

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