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Rugby Mining Announces CAD$500,000 Non-Brokered Private Placement

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Rugby Mining Limited
·2 min read
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This news release is not for distribution to United States newswire service or for dissemination in the United States

VANCOUVER, British Columbia, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) announces that its board of directors has approved a proposed private placement offering of up to 5,000,000 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of up to $500,000 (the “Offering”).

Each Unit will consist 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 for a period of one (1) year from the date of the close at an exercise price of $0.20.

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 timeframe consistent with usual market practice for transactions of this nature.

Closing of the proposed Offering is anticipated to occur on or about March 20, 2021. Closing of the Offering is subject to receipt of all necessary regulatory approvals.

Proceeds of the Offering will be used for exploration and general expenses.

For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.

RUGBY MINING LIMITED
For further information, please contact:

Rob Grey, V.P. Corporate Communications
Tel: 604.688.4941 Fax: 604.687.3141
Toll-free: 1.855.688.4941

Suite 810, 789 West Pender St.
Vancouver, BC Canada V6C 1H2
info@rugbymining.com

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