Zinc explorer Superior Lake Resources is soaring today after closing a $5 million placement oversubscribed and at a premium to its share price.

The stock rallied 27 per cent to an intra-day high of 4.2c on Friday morning.

Superior (ASX:SUP) sold the shares at 3.5c — 6 per cent higher than its closing price on Thursday.

Sydney-based boutique fund manager Tribeca Investment Partners has come in as a cornerstone investor – stumping up $1.5 million in the placement.

Tribeca has also agreed to help Superior secure up to $US60 million ($82.8 million) in finance for the restart of its Superior Lake zinc project in Canada.

Superior says the placement cash will be used to advance a feasibility study, which is due to be completed by mid-next year.

The company is in the process of completing a restart study that is expected to be completed in the current quarter.

Superior Lake Resources (ASX:SUP) shares jumped more than 27 per cent on the news.
Superior Lake Resources (ASX:SUP) shares jumped more than 27 per cent on the news.

Featured Companies

You might be interested in