Rugby Resources Ltd. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for the gross proceeds of CAD 500,000 on November 14, 2023. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company for a period of 2 years from the date of the close at an exercise price of CAD 0.10.

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.