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VANCOUVER, British Columbia, March 15, 2019 (GLOBE NEWSWIRE) -- Rugby Mining Limited ('Rugby' or the 'Company') (TSX-V: RUG) is pleased to announce that it has closed the non-brokered private placement announced February 5, 2019 (the 'Private Placement') subject to TSX.V approval.
Due to exceptional demand, the Company took additional subscriptions over the February 5, 2019 announcement and will issue 6,588,331 units (the 'Units') at a price of CAD$0.18 per Unit for gross proceeds of CAD$1,185,900 (the 'Offering'). Each Unit consists of one (1) common share and one half (0.5) common share purchase warrant (a 'Half Warrant'). Each full warrant (two (2) Half Warrants together) will entitle the holder thereof to purchase one (1) additional common share of the Company at an exercise price of $0.30 for a period of one year from the date of TSX.V approval.
Four directors and two officers of the Company participated in the Offering and will acquire, directly or indirectly, an aggregate of 1,415,000 Units. The participation by insiders in the Offering is considered to be a 'related party transaction' as defined under Multilateral Instrument 61-101 ('MI 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% of Rugby's market capitalization.
The Company paid CAD$11,410 as finder's fees in connection with a portion of the Offering.
All securities issuable pursuant to the Offering are subject to a four month hold period expiring from the date of TSX.V approval.
Proceeds of the Offering will be used to fund Rugby's exploration expenditures including at its Mabuhay Project, Colombian Copper Project and for administrative purposes.
For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com .
RUGBY MINING LIMITED
President and CEO
For further information, please contact:
Paul Joyce, President and CEO
Tel: 604.688.4941 / Fax: 604.688.9532
Toll-free: 1.855.688.4941 Suite 810, 789 West Pender St.
Vancouver, BC, Canada, V6C 1H2
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.