Mr. Rob Grey reports
RUGBY ANNOUNCES CAD$500,000 NON-BROKERED PRIVATE PLACEMENT
Rugby Resources Ltd.'s board of directors has approved a proposed private placement offering of up to 8,333,333 units at a price of six cents per unit for gross proceeds of up to $500,000.
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 two years from the date of closing at an exercise price of 10 cents.
All securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day from issuance, in accordance with applicable securities laws. The closing of the offering is subject to the receipt of all necessary regulatory approvals.
Proceeds of the offering will be used for exploration and general expenses.
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