By Sheri Kasprzak
Atlanta, May 9 - Ruby Mining Co. said it has wrapped a private placement for $1,058,602.
The company sold 10,586,020 warrants at $0.10 each.
The warrants are exercisable for one common share at $0.35 each through Jan. 31, 2008.
The offering was conducted on behalf of Ruby Mining's subsidiary, Admiralty Corp.
Based in Atlanta, Ruby recovers cargo lost from shipwrecks in the 16th through 18th centuries. The company also manufactures equipment used to detect the cargo. It plans to use the proceeds for working capital, capital expenditures, professional fees and accounts payable.
| Issuer: | Ruby Mining Co.
|
| Issue: | Warrants exercisable for one common share
|
| Amount: | $1,058,602
|
| Warrants: | 10,586,020
|
| Price: | $0.10
|
| Warrant strike price: | $0.35
|
| Warrant expiration: | Jan. 31, 2008
|
| Settlement date: | May 9
|
| Stock price: | $0.27 at close May 6
|
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