Rugby Resources Inc. Announces CAD$2,000,000 No-Intermediary Private Placement, The Canadian Business Journal

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VANCOUVER, British Columbia, September 20, 2022 (GLOBE NEWSWIRE) — Rugby Resources Ltd. (“Rugby” or “Company”) (TSX-V: RUG) announced that its Board of Directors has approved a proposed private placement offering (the “Offering”) of up to 20,000,000 units (the “Offering”) at a price of $0.10 per unit for gross revenues of up to $2,000,000. increase.

Each unit consists of one share of common stock and a warrant purchased for half (0.5) of the common stock (“Half Warrant”). Each full warrant (together, the two half warrants) entitles its holder to purchase one additional share of his share of our common stock at an exercise price of $0.18 for a period of one year from the close date. increase. .

A Material Change Report related to the offering has been submitted within 21 days of the termination of the offering. A shorter period is necessary to allow the Company to close the offering in a timeframe consistent with normal market practice for this type of transaction.

Closing of the proposed offering is expected to occur on or around October 21, 2022. Closing of the offering is subject to receipt of all required regulatory approvals.

Proceeds from the offering will be used for exploration and general expenses.

About rugby

Rugby is an exploration company conducting ‘discovery stage’ exploration on a portfolio of copper, gold and silver targets in Colombia, Argentina and Chile. The Cobrasco Project in Colombia is located in the Western Cordillera Belt, which hosts large copper molybdenum deposits in Chile, Peru and Panama (and more recently, an important discovery in Ecuador). This belt has not undergone modern exploration in Colombia. Rugby aims to advance the Cobrasco Copper Project, bringing economic benefits to western Colombia. The discovery of new copper resources is necessary for the world to move from fossil fuels to highly electrified.

We benefit from the experience of our directors and management who have been directly responsible for, or have been part of, management teams responsible for world-class mineral discoveries. Previous companies under their control included Exeter Resource Corporation and Extorre Gold Mines Limited, which had significant projects in South America. These companies were acquired by Goldcorp (Newmont) and Yamana respectively.

For more information, please visit the Rugby Resources Ltd. website www.rugbyresourcesltd.com.

Rob Gray, Vice President of Corporate Communications Phone: 604.688.4941 Fax: 604.688.9532 Toll Free: 1.855.688.4941

Suite 810, 789 West Pender Street Vancouver, BC Canada V6C 1H2 [email protected]resourcesltd.com

Notes

Certain statements and information contained herein are “forward-looking information” within the meaning of the securities laws of British Columbia, Alberta and Ontario. This includes the Company’s proposed exploration plans for the Cobrasco Project in Colombia, the El Zanjon Project in Argentina and the Salvadora Project in Chile; progress in obtaining approval for exploration concession applications in Colombia; Includes statements about expected timing. , the budgetary costs of conducting an exploration program, including drilling, the potential for high-grade and mineral discoveries in that project, and the known and unknown risks, uncertainties and actual results, performance or outcomes; mineralization style or occurrence, including any other factors that may cause our operating results or industry results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information; thing. The Company holds certain projects, including Salvadora, under option agreements that require annual cash payments, expenditures and/or drilling requirements to maintain profitability. If we fail to meet our obligations or renegotiate the agreement, we will lose our rights under the option agreement. Forward-looking information may cause actual events or outcomes to differ from those reflected in the forward-looking information, including, but not limited to, the impact on prices of major mineral commodities such as copper and gold. Subject to various possible risks and uncertainties. Due to factors beyond our control. Events that cannot be predicted with precision, such as political and economic instability, terrorism, environmental factors, changes in government regulations and taxes. Lack of personnel with the necessary knowledge and skills to design and execute exploration programs. difficulties in contracting for drilling and other exploration services; our reliance on equity market funding to fund our exploration programs and maintain our mineral exploration properties in good standing; Governments may violate mineral tenure rights, environmental regulations, taxes or minerals in ways that could adversely affect the company’s assets or financial condition and impair its ability to advance or further finance mineral exploration projects. funds for exploring the political risks of changing, interpreting, or enforcing royalties; the risks associated with ownership of resource properties due to the difficulty of judging the validity of certain claims, and the Philippines, Argentina, and Chile; , Colombia, and the ambiguity that characterizes many resource characteristics, the currency risks associated with foreign operations, the timing of obtaining permits to conduct exploration activities, the ability to enter into agreements with local communities, and other risks. and uncertainty. Risks associated with the current military conflict between Russia and Ukraine. Ongoing Impact of the COVID-19 Pandemic. As set forth in each of our management’s discussions and analysis and included in our financial statements for the year ended February 28, 2022 filed with the Canadian Securities Administrators and available at www.sedar Including .com. In addition, forward-looking information is based on various assumptions, including but not limited to assumptions related to exploration results and costs, and the availability of materials and skilled labor. If one or more of these risks and uncertainties materializes, or if the underlying assumptions prove incorrect, actual results may differ materially from those set forth in the forward-looking statements. There is a possibility. Readers are therefore advised not to place undue reliance on forward-looking information. Except as required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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