Non-brokered offering sells 10 million units with three-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 20 - Rugby Mining Ltd. said it has arranged a C$3 million non-brokered private placement of units on Wednesday.
The company will sell 10 million units of one common share and one warrant at C$0.30 per unit.
Each three-year warrant will be exercisable at C$0.40 in the first two years, C$0.55 in the third year. The strike prices are 5.26% and 44.74% premiums to the Dec. 18 closing share price of C$0.38.
Settlement is expected Jan. 4.
Proceeds will be used for exploration expenditures and general ongoing corporate matters.
The Vancouver, B.C., company explores for gold, silver and copper.
| Issuer: | Rugby Mining Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 10 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.40 in the first two years, C$0.55 in the third year
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 19
|
| Settlement date: | Jan. 4
|
| Stock symbol: | TSX Venture: RUG
|
| Stock price: | C$0.38 at close Dec. 18
|
| Market capitalization: | C$13.87 million
|
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