Rugby Assets Ltd. Closes Oversubscribed Non-brokered Personal Placement

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This information launch just isn’t for distribution to United States newswire service or for dissemination in america

VANCOUVER, British Columbia, Feb. 23, 2024 (GLOBE NEWSWIRE) — Rugby
Assets
Ltd.
(“Rugby”
or
the
“Firm”)
(TSX-V:
RUG) is happy to announce that additional to the information releases dated February 7 and 12, 2024, it has closed an oversubscribed non-brokered non-public placement and can challenge 19,696,665 models (the “Models”) of the Firm at a worth of $0.06 per Unit for gross proceeds of $1,181,800 (the “Providing”).

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Every Unit consists of 1 (1) frequent share and one frequent share buy warrant (a “Warrant”). Every Warrant will entitle the holder thereof to buy one (1) further frequent share of the Firm at an train worth of $0.10 for a interval of two (2) years from the Closing Date.

Finder’s charges in an combination quantity of $31,248 had been paid to certified events in reference to the Providing. All securities issued pursuant to the Providing are topic to a statutory maintain interval of 4 months plus a day from issuance in accordance with relevant securities legal guidelines of Canada. Closing of the Providing is topic to receipt of all crucial regulatory approvals and ultimate acceptance by the TSX Enterprise Trade.

Proceeds of the Providing will likely be used for exploration and common bills.

MI 61-101 Disclosure

Sure insiders of the Firm participated within the Providing for an combination whole of two,350,000 Models. The participation by such insiders is taken into account a “related-party transaction” throughout the which means of Multilateral Instrument 61-101 – Safety of Minority Safety Holders in Particular Transactions (“MI 61-101”). The Firm has relied on exemptions from the formal valuation and minority shareholder approval necessities of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of associated get together participation within the Providing as neither the truthful market worth (as decided underneath MI 61-101) of the subject material of, nor the truthful market worth of the consideration for, the transaction, insofar because it concerned the associated events, exceeded 25% of the Firm’s market capitalization (as decided underneath MI 61- 101).

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Early Warning Disclosure

Rowen Firm Restricted (“Rowen”) an organization managed by Bryce Roxburgh, a director and officer of the Firm, acquired 2,000,000 Models underneath the Providing. Previous to the Providing, Bryce Roxburgh and Rowen, held 11.24% of the Firm’s issued and excellent frequent shares on a non-diluted and 14.14% on a totally diluted foundation. After giving impact to the Personal Placement, Bryce Roxburgh and Rowen beneficially personal and management collectively 11.17% of the Firm’s issued and excellent frequent shares on a non-diluted and 14.37% on a totally diluted foundation. Rowen and Bryce Roxburgh acquired the Models for funding functions. Rowen and Bryce Roxburgh intend to judge their funding within the Firm and to extend or lower their shareholdings now and again as they might decide acceptable. A replica of the early warning report being filed by Rowen and Bryce Roxburgh could also be obtained by contacting the Firm at 604-687-2038.

For added data you’re invited to go to the Rugby Assets Ltd. web site at: www.rugbyresourcesltd.com

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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