McEwen Trading LP

Evanachan Limited

May 23, 2007 16:05 ET

Rob McEwen Acquires Ownership Interest in Rubicon Minerals Corporation

TORONTO, ONTARIO--(CCNMatthews - May 23, 2007) - Rob McEwen announced today that entities owned or controlled by him have acquired 45,892,857 common shares ("Common Shares") of Rubicon Minerals Corporation ("Rubicon") and warrants ("Warrants") to purchase an additional 7,232,143 Common Shares of Rubicon. Of the Common Shares acquired, 31,428,571 were issued by Rubicon in exchange for certain gold properties in Alaska and 14,464,286 were issued by way of a private placement of units ("Units") at a price of $0.70 per Unit, with each Unit comprised of one Common share and one-half Warrant. Each full Warrant is exercisable for one Common Share at a price of $1.50 at any time until May 18, 2009.

Prior to the acquisition of the Common Shares and Units, Mr. McEwen did not own or exercise control or direction over any securities of Rubicon.

The Common Shares in these acquisitions represent approximately 32.8% of the current outstanding Common Shares of Rubicon. Assuming the exercise of all of the Warrants, Mr. McEwen would control approximately 36.1% of the outstanding Common Shares of Rubicon.

Contact Information

  • McEwen Capital Corporation
    Ian J. Ball
    (647) 258-0395 or Toll Free: 1-866-441-0690
    McEwen Capital Corporation
    Corporate Head Office
    99 George Street, 3rd Floor
    Toronto, Ontario M5A 2N4