Overview of Superior Resources' share placement

Superior Resources Limited (ASX:SPQ) has successfully raised $2,000,000 through a share placement to advance its 2024 drilling programs. The placement of 166,666,667 fully paid ordinary shares at a price of $0.012 per share, with 1 attaching option for every 2 placement shares subscribed for, received firm commitments and was oversubscribed. The funds will be utilized for further drilling and exploration at the Greenvale multi-stage, multi-prospect copper porphyry, corporate working capital, and placement costs.

Executive commentary on the share placement

The strong support from high net worth investors and oversubscription of the placement reflect the confidence in our 2024 drilling programs. The introduction of new institutional investors aligns with our objective of broadening the institutional investor presence on our share register. The funds raised will enable us to progress our exploration activities and strengthen our working capital position, positioning us well for the upcoming drilling programs.

Summary of Superior Resources' share placement and outlook

Superior Resources (ASX:SPQ) has successfully raised $2,000,000 through an oversubscribed share placement, demonstrating strong investor support. The introduction of new institutional investors is in line with the company's strategy to increase institutional investor presence. The funds will be used to further drilling and exploration at the Greenvale multi-stage, multi-prospect copper porphyry, as well as for corporate working capital and placement costs. The share placement not only provides the necessary financial support for the company's 2024 drilling programs but also signifies a growing confidence in Superior Resources' future prospects.