Ruby Red Resources Inc.

Ruby Red Resources Inc.

September 08, 2009 08:00 ET

Ruby Red Announces Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 8, 2009) -


Ruby Red Resources Inc. ("Ruby Red") (TSX VENTURE:RRX) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement of common shares issued on a flow-through basis ("Flow-Through Shares"). Ruby Red issued an aggregate of 1,660,000 Flow-Through Shares at a price of $0.10 per Flow-Through Share for aggregate gross proceeds of $166,000. In connection with the private placement, Ruby Red paid an aggregate of $7,700 in cash as finder's fees to eligible persons who secured subscribers to the financing. All of the Flow-Through Shares issued under the private placement are subject to a four-month hold period.

Ruby Red expects to complete a second tranche of the private placement before the end of September, 2009. Ruby Red will use the aggregate proceeds of the private placement to fund Ruby Red's exploration, development and acquisition programs.

About Ruby Red Resources Inc.

Ruby Red was formed to participate in the acquisition, exploration and development of mineral claims in the Fort Steele Mining Division of British Columbia for the purpose of exploring for precious and base metals. Ruby Red holds 100% working interests in 144 mineral claims (approximately 44,000 hectares), all located within 80 kilometres of Cranbrook, B.C. in the Purcell and Rocky Mountains.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the mining industry, regulatory and economic risks, and risks associated with the company's ability to implement its business plan. The company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this release.

Contact Information

  • Ruby Red Resources Inc.
    Randall Tronsgard
    Vice-President, Corporate Development
    (403) 770-1346