Rugby Mining Limited
TSX VENTURE : RUG

Rugby Mining Limited

September 02, 2015 06:00 ET

Rugby Mining Announces CAD$0.8 Million Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) -

This news release is not for distribution to United States newswire service or for dissemination in the United States

Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE: RUG) announces that its board of directors have approved a proposed private placement offering of up to 10,000,000 units (the "Units") at a price of $0.08 per Unit for gross proceeds of up to $800,000 (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 five (5) years at an exercise price of CAD$0.10 if exercised during the first year and thereafter; until exercised, the Warrant will increase in exercise price each year on the anniversary date of the closing by CAD$0.01 to a maximum price of CAD$0.14 in year five (5).

Rugby anticipates that insiders and their associates will subscribe for a majority of the Offering.

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 2, 2015. 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 at its Cobrasco Project in Colombia, its Jessup Project in Nevada and for corporate and administrative purposes.

For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.

RUGBY MINING LIMITED

Paul Joyce, President and CEO

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information