Rugby Mining Announces CAD$1 Million Non-Brokered Private Placement
September 24 2019 - 6:30AM
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 10,000,000 units (the
“Units”) at a price of $0.10 per Unit for gross proceeds of up to
$1,000,000 (the “Offering”).
Each Unit will consist of one (1) common share
and one (1) common share purchase warrant (a “Warrant”). Each
warrant will entitle the holder thereof to purchase one (1)
additional common share of the Company for a period of two (2)
years from the date of the close at an exercise price of $0.17,
provided that in the event that the closing price of the Company’s
common shares on the TSX Venture Exchange is $0.25 or greater per
common share during any 10 consecutive trading day period the
Warrants will expire at 4.00 p.m. (Vancouver time) on the 30th day
after the date on which the Company provides notice of such
accelerated expiry to warrantholders, and the warrantholders will
have no further rights to acquire any common shares of the Company
under the Warrant.
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 October 25, 2019. Closing of the Offering is
subject to receipt of all necessary regulatory approvals.
Proceeds of the Offering will be used to fund
Rugby’s exploration expenditures including drilling at its
Motherlode Project and for corporate purposes.
For additional information you are invited to
visit the Rugby Mining Limited website at www.rugbymining.com
RUGBY MINING LIMITEDFor further information,
please contact:
Jon Hermanson, VP, Corporate
DevelopmentTel: 604.688.4941 Fax:
604.688.9532Toll-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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