07:08 AM EDT, 05/27/2024 (MT Newswires) -- Rugby Resources ( RBMNF ) on Monday said its board of directors approved a proposed private placement offering of up to 10 million units at $0.05 per unit to raise up to $500,000.

Each unit will consist of one common share and one common share purchase warrant entitling the holder to buy one additional common share for a two-year period after the offering close for $0.10.

Closing of the offering is subject to receipt of necessary regulatory approvals. The company will use the proceeds for exploration and general expenses.