The Prospector News

Rugby Mining Announces Closing of CAD$2.2 Million Non-Brokered Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Rugby Mining Announces Closing of CAD$2.2 Million Non-Brokered Private Placement






Rugby Mining Limited (TSX-V:RUG) is pleased to announce that it has closed the non-brokered private placement announced May 2, 2018 and amended May 4, 2018.



Due to exceptional demand, the Company took additional subscriptions over the May 4, 2018 announcement and issued 6,270,714 units at a price of CAD$0.35 per Unit for gross proceeds of CAD$2,194,749.90. Each Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $0.50 until May 22, 2019.



Four directors and two officers of the Company participated in the Offering acquiring, directly or indirectly, an aggregate of 880,000 Units. The participation by insiders in the Offering is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of Rugby’s market capitalization. Additionally, associates and advisors to the Company participated in the Offering and these along with the insiders’ subscriptions totaled approximately 2.3 million Units.



The Company paid CAD$48,825 as finder’s fees in connection with a portion of the Offering.



All securities issued pursuant to the Offering are subject to a four month hold period expiring on September 19, 2018.



Proceeds of the Offering will be used to fund Rugby’s exploration expenditures including at its Colombian Gold and Copper Projects and for administrative purposes.


Posted May 23, 2018

Share this news article


Equity Reports Additional High-Grade Mineralization at the Camp and Sveinson Targets, Silver Queen Project, BC; Drilling Resumes

Equity Metals Corporation (TSX-V: EQTY) reports thick intercepts ... READ MORE

May 18, 2022

Freegold Intersects 2.49 g/t Au over 167.7m and 0.94g/t Au over 617 m at Golden Summit

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) is pleased to... READ MORE

May 18, 2022

Sitka Intercepts 107.5 Metres of 1.44 g/t Gold From Surface Including 2.0 Metres of 35.60 g/t Gold at its RC Gold Project in Yukon

Sitka Gold Corp. (CSE: SIG) (FSE: 1RF) (OTCQB: SITKF) is pleased... READ MORE

May 18, 2022

Appia Announces Operational And Drilling Update With New Intersections Of 50+ Metres Of Anomalous Radioactivity At Alces Lake Rare Earth Property, Northern Saskatchewan

Appia Rare Earths & Uranium Corp. (CSE:API) (OTCQB:APAAF) (Ge... READ MORE

May 18, 2022


Starr Peak Mining Ltd.  (TSX-V: STE) (OTCQX: STRPF) is pleased ... READ MORE

May 18, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News