Rugby Announces Approval of Terms of Extension and Repricing of Warrants

VANCOUVER, May 01, 2019 - Rugby Mining Ltd. (“Rugby” or the “Company”) (TSX-V: RUG) announces that the TSX Venture Exchange has consented to the reduction in the exercise price of the 6,270,714 outstanding share purchase warrants (the “Warrants”) issued upon the closing of a financing announced May 22, 2018.

The exercise price of the Warrants is reduced from $0.50 per common share to $0.36 per common share and the expiry date extended until May 22, 2020 subject to the exercise acceleration noted below. Only 10% of the placement held by insiders is being repriced.

In accordance with TSX Venture Exchange Policy 4.1, the Warrants will be subject to an acceleration clause: should the closing price of the common shares of the Company on the TSX Venture Exchange be $0.45 or greater for a period of 10 consecutive trading days, then the warrant holders will have 30 days to exercise their warrants; otherwise the warrants will expire on the 31^st day.

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

Rugby Mining Ltd.
Paul Joyce
President and CEO
For further information, please contact:

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