Rubicon Minerals plans C$3 million private placement of units

By Sheri Kasprzak

New York, July 14 - Rubicon Minerals Corp. said it plans to raise C$3 million in a private placement of units.

The units include one share and one half-share warrant. The warrants allow for the purchase of an additional share for two years.

The pricing details of the offering have not yet been determined.

First Associates Investments Inc. is the placement agent and has an over-allotment option for up to C$3 million, exercisable up to two days before closing.

If the company does not settle terms of the offering by July 21, the deal will be terminated.

The proceeds will be used to fund the company's investment in Africo Resources Inc., for expenses related to its Nevada properties and for working capital.

Based in Vancouver, B.C., Rubicon is a mineral exploration company.

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