Funds slated for mining equipment and to expand camp operations, staff
By Melissa Kory
Cleveland, May 10 - Ruby Creek Resources, Inc. announced that it raised $4.5 million through a private placement of units, exceeding the goal of $3 million.
Each unit sold at $0.50, a 50.5% discount from the May 9 closing price of $1.01.
Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at $1.00.
The proceeds will be used to acquire, lease or rent mining equipment, expand camp operations, satisfy contractual obligations and expand technical and management staff. Some funds will be used as general working capital for business operations.
Ruby Creek is a New York-based exploration and mining company.
| Issuer: | Ruby Creek Resources, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $4.5 million
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| Price: | $0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
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| Stock symbol: | OTCBB: RBYC
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| Stock price: | $1.01 at close May 9
|
| Market capitalization: | $35.1 million
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