Mr. Paul Joyce reports

RUGBY MINING ANNOUNCES CLOSING OF CAD$2.2 MILLION NON-BROKERED PRIVATE PLACEMENT

Rugby Mining Ltd. has closed the non-brokered private placement announced May 2, 2018, and amended May 4, 2018.

Due to exceptional demand, the company took additional subscriptions over the May 4, 2018, announcement and issued 6,270,714 units at a price of 35 cents per unit for gross proceeds of $2,194,749.90. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the company at an exercise price of 50 cents until May 22, 2019.

Four directors and two officers of the company participated in the offering acquiring, directly or indirectly, an aggregate of 880,000 units. The participation by insiders in the offering is considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25 per cent of Rugby's market capitalization. Additionally, associates and advisers to the company participated in the offering and these along with the insiders' subscriptions totalled approximately 2.3 million units.

The company paid $48,825 as finders' fees in connection with a portion of the offering.

All securities issued pursuant to the offering are subject to a four-month hold period expiring on Sept. 19, 2018.

Proceeds of the offering will be used to finance Rugby's exploration expenditures, including at its Colombian gold and copper projects, and for administrative purposes.