Rubicon Minerals closes $10.2 million financing
19 November 2008 - 4:13AM
PR Newswire (US)
TSX:RMX/AMEX:RBY TORONTO, Nov. 18 /PRNewswire-FirstCall/ -- Rubicon
Minerals Corporation (TSX.RMX:AMEX.RBY) (the "Company") is pleased
to announce that it has closed its previously announced concurrent
brokered and non-brokered private placements, raising gross
aggregate proceeds of $10,200,930. Pursuant to the brokered
offering, the Company issued 4,500,000 flow-through common shares
(the "FT Shares") at a price of $1.35 per FT Share and 3,296,300
common shares (the "Offered Shares") at a price of $1.10 per
Offered Share, for gross proceeds of $9,700,930 (the "Brokered
Offering"). GMP Securities L.P. acted as lead agent in connection
with the Brokered Offering, along with a syndicate of agents that
included Research Capital Corporation and TD Securities Inc. The
Company also issued 370,370 flow-through shares at a price of $1.35
per flow-through share to certain insiders and employees of the
Company as well as other qualified investors, for gross proceeds of
$500,000. Proceeds from the issue and sale of the flow-through
shares will be used to incur eligible Canadian Exploration Expenses
on the Company's Phoenix Gold project. Proceeds from the issue and
sale of the Offered Shares will be used for general and
administrative and working capital purposes. All securities issued
under the Brokered Offering are subject to a four-month hold
period, expiring March 19, 2009. The private placements are subject
to final acceptance by the TSX. RUBICON MINERALS CORPORATION "David
W. Adamson" President & CEO This news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States or to U.S. Persons. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "US
Securities Act") or any state securities laws and were offered and
sold outside the United States pursuant to exemptions from the
registration requirements of the U.S. Securities Act. No securities
were sold within the United States or to U.S. Persons. Forward
Looking Statements -------------------------- This news release
contains certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward
looking statements are statements that are not historical facts and
are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Forward looking statements in this document include statements in
regard to the future expenditure of funds received from the
financing and future regulatory approvals. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Factors that could cause the actual results to differ materially
from those in forward-looking statements include market prices,
exploitation and exploration results, continued availability of
capital and financing, inability to obtain required shareholder or
regulatory approvals, and general economic, market or business
conditions. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made. Except as required by applicable securities
laws, the Company undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change. These
statements are based on a number of assumptions, including, among
others, assumptions regarding general business and economic
conditions, the timing of the receipt of shareholder, regulatory
and governmental approvals for Rubicon's proposed transactions, the
availability of financing for Rubicon's proposed transactions and
exploration and development programs on reasonable terms and the
ability of third-party service providers to deliver services in a
timely manner. The foregoing list of assumptions is not exhaustive.
Events or circumstances could cause results to differ materially.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
DATASOURCE: Rubicon Minerals Corporation CONTACT: Bill Cavalluzzo,
VP Investor Relations, Toll free: (866) 365-4706, E-mail: , Rubicon
Minerals Corporation, Suite 1540-800 West Pender Street, Vancouver,
BC, CANADA, V6C 2V6
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