VANCOUVER, British Columbia, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Rugby Resources Ltd. (“Rugby” or the “Company”) (TSX-V: RUG) announces that due to subscriber demand, its board of directors has approved an increase to its private placement offering. The increased offering will consist of up to 81,840,000 Units (the “Units”), up from the 60,000,000 Units previously announced on November 18, 2024. The terms of the private placement financing will remain the same and each Unit will be offered at a price of $0.05 per Unit for gross proceeds of $4,092,000 (the “Offering”).
Each Unit will consist of one (1) common share and one half (0.5) common share purchase warrant (a “Half Warrant”). Each full Warrant (two (2) Half Warrants together) will entitle the holder thereof to purchase one (1) additional common share of the Company for a period of 18 months from the date of the close at an exercise price of $0.12.
All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. Closing of the Offering is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange.
Proceeds of the Offering will be predominantly used to advance the Cobrasco copper discovery.
For additional information you are invited to visit the Rugby Resources Ltd. website at: www.rugbyresourcesltd.com
| Rob Grey, VP Corporate Communications | Suite 1890 – 1075 West Georgia St. |
| Tel: 604-688-4941 Fax: 604-688-9532 | Vancouver, BC Canada. V6E 3C9 |
| Toll free: 1-855-688-4941 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
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