Sprott Board Position, New Board Compensation Determined
SUDBURY, ONTARIO--(Marketwired - Apr 24, 2017) - Northern Superior Resources Inc. (the "Company" or "Northern Superior") (TSX VENTURE:SUP) is pleased to announce the addition of Mr. David Beilhartz to the Company's Board of Directors. Mr. Beilhartz was nominated by 2176423 Ontario Ltd., a company controlled by Eric Sprott, in accordance with the terms of his $2 million investment in Northern Superior completed March 2nd, 2017 (see Northern Superior press release, March 2nd, 2017).
Dr. T.F. Morris, President and CEO of Northern Superior states: "I could not be more pleased to have someone with Mr. Beilhartz's geological expertise and knowledge joining this Board. Having known Mr. Beilhartz for a very long time, I am very familiar with his work and many accomplishments, and I look forward to his input into all our programs. The placement of Mr. Beilhartz onto the Board further adds to the tremendous strength and breadth of experience of the Company's new Board of Directors (see Northern Superior press release, November 22, 2016)."
The Company has also revised the way in which it compensates independent directors. Each director will now be paid a fee of $20,000 per annum. In addition, the Chairman of the Board and the Chairman of the Audit Committee will each receive an additional sum of $5,000 and all fees will be paid quarterly, in arrears. Subject to exchange approval, one-half of the independent directors' fees will be paid in common shares of the Company and if so approved, the number of shares issuable will be determined based on the closing price of the Company's shares on the date such fees are payable.
Northern Superior also announces the granting of 9,600,000 incentive stock options to directors and officers of the company. Each option is exercisable at a price of $0.065 per share for a period of five years, subject to regulatory approval.
About Northern Superior
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Northern Superior Resources Inc.
Thomas F. Morris PGeo., PhD., FGAC
President and CEO
(705) 525-0992
(705) 525-7701
info@nsuperior.com
www.nsuperior.com