Ruby Red Resources Inc.
TSX VENTURE : RRX

Ruby Red Resources Inc.

September 08, 2008 23:59 ET

Ruby Red Completes Financing With MineralFields Group

CALGARY, ALBERTA--(Marketwire - Sept. 8, 2008) -

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES NEWS WIRE SERVICES

Ruby Red Resources Inc. (TSX VENTURE:RRX) ("Ruby Red") is pleased to announce that it has completed its previously announced non-brokered private placement of units ("Units") of Ruby Red to the MineralFields Group. An aggregate of 2,500,000 Units were issued at a price of $0.20 per Unit for gross proceeds of $500,000. Each Unit consisted of one common share issued on a "flow-through" basis and one common share purchase warrant of Ruby Red. Each warrant entitles the holder to purchase one additional common share of Ruby Red at a price of $0.30 per common share for a period of 24 months from the closing of the offering. The net proceeds from the offering will be used to fund Ruby Red's exploration, development and acquisition programs.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

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 Ruby Red's ability to implement its business plan. Ruby Red 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.

Contact Information

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