Superior Resources Limited (ASX:SPQ) announced a private placement of 69,513,270 shares at a price of AUD 0.009 per share for gross proceeds of AUD 625,619 on January 17, 2018. The transaction will include participation from sophisticated investors. The company will also issue 34,756,635 options at an exercise price of AUD 0.016 per share and expiring on August 31, 2019. The company intends to close the transaction on January 22, 2018.