Rugby Mining Announces CAD$600,000 Non-Brokered Private Placement

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VANCOUVER, British Columbia, June 29, 2020 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) announces that its board of directors has approved a proposed private placement offering of up to 8,571,429 units (the “Units”) at a price of $0.07 per Unit for gross proceeds of up to $600,000 (the “Offering”).

Each Unit will consist of one (1) common share and one (1) common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one (1) additional common share of the Company for a period of two (2) years from the date of the close at an exercise price of $0.12, provided that in the event that the closing price of the Company’s common shares on the TSX Venture Exchange is $0.25 or greater per common share during any 10 consecutive trading day period the Warrants will expire at 4.00 p.m. (Vancouver time) on the 30^th day after the date on which the Company provides notice of such accelerated expiry to warrantholders, and the warrantholders will have no further rights to acquire any common shares of the Company under the Warrant.

A material change report relating to the Offering is being filed less than 21 days prior to the closing of the Offering. The shorter period is necessary in order to permit the Company to close the Offering in a timeframe consistent with usual market practice for transactions of this nature.

Closing of the proposed Offering is anticipated to occur on or about July 30, 2020. Closing of the Offering is subject to receipt of all necessary regulatory approvals.

Proceeds of the Offering will be used for exploration and general expenses.

For additional information you are invited to visit the Rugby Mining Limited website at

RUGBY MINING LIMITED

For further information, please contact:

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