Rugby Mining Announces Closing of CAD$500,000 Non-Brokered Private Placement
17 March 2021 - 8:47AM
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 19, 2021 (the
“Private Placement”), subject to TSX Venture Exchange (“TSX-V”)
approval.
The Company took additional subscriptions over
the February 19th, 2021 announcement and will issue 5,150,000 units
(the “Units”) at a price of CAD$0.10 per Unit for gross proceeds of
CAD$515,000 (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 $0.20 for a period of
one (1) year from the Closing Date.
Two directors participated in the Offering and
will acquire, directly or indirectly, an aggregate of 1,250,000
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$6,250 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 and general expenses.
For additional information you are invited to
visit the Rugby Mining Limited website at
www.rugbymining.com
RUGBY MINING LIMITEDBryce
RoxburghPresident and CEO
For further information, please contact:
Rob Grey, VP Corporate CommunicationsTel: 604.688.4941 Toll-free:
1.855.688.4941 |
Suite 810, 789 West Pender St.Vancouver, BC Canada V6C
1H2info@rugbymining.com |
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SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
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ACCURACY OF THIS RELEASE
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