- Rugby Mining has announced a proposed private placement offering for gross proceeds of up to $2,500,000
- The offering is expected to close on or about September 23, 2021
- Proceeds of the offering will be escrowed; to be released to Rugby concurrently with the closing of the Proximo acquisition
- The TSXV has conditionally accepted the proposed acquisition of Proximo, pending the completion of the remaining filing requirements
- Completion of the private placement is a requirement to closing the Proximo acquisition
- Rugby Mining Limited (RUG) opened trading at C$0.115 per share
Rugby Mining’s (RUG) Board of Directors has approved a proposed private placement offering for gross proceeds of up to $2,500,000.
The company will offer up to 20,833,333 units at a price of $0.12 per unit. Each unit will consist of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.20 for a period of eighteen months from the date of closing.
The offering is expected to close on or about September 23, 2021, subject to all regulatory approvals.
Proceeds will be used primarily for the exploration of Proximo’s Salvadora project located in Chile and for general expenses.
Proceeds of the offering will be escrowed; and will be released to Rugby concurrently with the closing of the Proximo acquisition.
Proximo acquisition update
The TSXV has conditionally accepted the previously announced acquisition of Proximo. Final acceptance of the transaction is conditional on the company satisfying the filing requirements which Rugby is in the process of completing.
Completion of the private placement is a condition to closing the Proximo acquisition.
Rugby Mining Ltd is an exploration stage company. Its subsidiaries are engaged in the acquisition, exploration, and development of mineral properties in Australia, Colombia, and the Philippines.
Rugby Mining Limited (RUG) opened trading at C$0.115 per share.