Mr. Paul Joyce reports
RUGBY MINING ANNOUNCES CAD$1.2 MILLION NON-BROKERED PRIVATE PLACEMENT
Rugby Mining Ltd.'s board of directors has approved a proposed private placement offering of up to 3.5 million units at a price of 35 cents per unit for gross proceeds of up to $1,225,000.
Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company for a period of one year from the date of the close at an exercise price of 50 cents.
A material change report relating to the offering is being filed less than 21 days prior to the closing of the offering. The shorter period is necessary in order to permit the company to close the offering in a time frame consistent with usual market practice for transactions of this nature.
Closing of the proposed offering is anticipated to occur on or about June 2, 2018. Closing of the offering is subject to receipt of all necessary regulatory approvals.
Proceeds of the offering will be used to finance Rugby's exploration expenditures at its Colombian gold and copper projects and for administrative purposes.
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