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VANCOUVER, British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) -- 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 6,000,000 units (the “Units”) at a price of $0.18 per Unit for gross proceeds of up to $1,080,000 (the “Offering”).

Each Unit will consist of one (1) common share and one half (0.5) common share purchase warrant (a “Half Warrant”). Each full warrant (two (2) Half Warrants together) will entitle the holder thereof to purchase one (1) additional common share of the Company for a period of one (1) year from the date of the close at an exercise price of $0.30.

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 March 5, 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 Mabuhay Project and for administrative purposes.

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

RUGBY MINING LIMITED
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