Financing!:
MINERALS CORPORATION NEWS RELEASE TSX VENTURE EXCHANGE - SYMBOL: RMX JANUARY 22, 2003
OTCBB – SYMBOL: RUBIF PR03-02
RUBICON MINERALS ANNOUNCES $10 MILLION FINANCING
VANCOUVER, CANADA: David W. Adamson, President and CEO of Rubicon Minerals Corporation
(RMX.TSX Venture) is pleased to announce that the Company has agreed to sell, to qualified purchasers by
way of a best efforts private placement, up to approximately 9.5 million Units through a syndicate of Agents led
by Research Capital Corporation and including First Associates Investments Inc., Haywood Securities Inc. and
Salman Partners Inc. (together the “Agents”) at a price of $1.05 per Unit for gross proceeds of $10,000,000. In
addition, the Agents will have an over allotment option, exercisable at any time until 30 days following the
Closing Date, to acquire up to an additional number of Units equal to 15% of the number of Units sold pursuant
to the offering.
Each Unit will consist of one Common Share and one half of a Common Share Purchase Warrant. Each whole
Common Share Purchase Warrant will entitle the holder to purchase one Common Share at a price of $1.25
per Common Share for 24 months from the Closing Date. Research Capital Corporation will act as lead Agent
in placing the Units and will receive a 6% cash commission and Agents’ warrants for Common Shares equal to
6% of the Units sold under the offering. The Agents’ warrants will be exercisable at a price of $1.05 per share
for 24 months from the Closing Date. The securities issuable under the private placement are subject to a hold
period in Canada of four months from the Closing Date. Net proceeds of the financing will be used to fund
exploration on the Company’s Red Lake assets, including the McFinley Gold Project, Ontario and for general
working capital and corporate development purposes. The private placement is scheduled to close on or about
February 19, 2003 and is subject to acceptance for filing by the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
the United States. The securities have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold
within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
All dollars in this release are in Canadian funds.
RUBICON MINERALS CORPORATION
“David W. Adamson”
______________________
President & CEO
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. |
