Rugby Mining Announces an Increase in Its Non-Brokered Private Placement

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VANCOUVER, British Columbia, May 04, 2018 (GLOBE NEWSWIRE) -- Rugby Mining Ltd. (“Rugby” or the “Company”) (TSX-V:RUG) announces that due to subscriber demand, its board of directors have approved an increase to its private placement offering. The increased offering will consist of up to 5,725,000 units (the “Units”), up from the 3,500,000 Units previously announced on May 2, 2018. The terms of the private placement financing will remain the same and each Unit will be offered at a price of $0.35 per Unit for gross proceeds of up to $2,003,750 (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 one (1) year from the date of the close at an exercise price of $0.50.

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 June 2, 2018 and is subject to receipt of all necessary regulatory approvals.

Proceeds of the Offering will be used to fund Rugby’s exploration expenditures at its Colombian gold and copper projects and for administrative purposes.

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

Rugby Mining Ltd.
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