Rugby Resources Ltd. announced a non brokered private placement to issue 20,000,000 units at a price of CAD 0.05 per Unit for gross proceeds of up to CAD 1,000,000 on June 22, 2023. Each Unit will consist of one common share and one common share purchase warrant (a ?Warrant?). Each Warrant will entitle the holder thereof to purchase one additional common share for a period of two years from the date of the close at an exercise price of CAD 0.15.

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. The transaction has been approved by the shareholders of the company.