TSX VENTURE: RRX
CALGARY, April 28 /CNW/ - Ruby Red Resources Inc. ("Ruby Red" or the
"Company") announces that it intends to raise gross proceeds of up to
$1,000,000 by way of a best efforts non-brokered private placement. Ruby Red
is a small company with a large land position (44,000 ha.) in south-eastern
British Columbia, Canada. Our mission: to define quality mineral exploration
opportunities that can be developed in a sustainable and environmentally
responsible manner and that can contribute to the economic and social
well-being of local communities.
Subject to the approval of the TSX Venture Exchange, Ruby Red will issue
up to 10,000,000 units at a price of $0.10 per unit (the "Unit"). Each Unit
will consist of one common share and one non-transferable common share
purchase warrant entitling the holder to acquire one additional common share
at a price of $0.15 per common share for a period of 24 months from the date
of issuance. The net proceeds from the offering will be used to fund Ruby
Red's exploration, development and acquisition programs as well as for general
Ruby Red may pay cash commissions or finder's fees equal to 8% of the
gross proceeds raised from the private placement. In addition, Ruby Red may
issue finder's fee warrants in a number equal to 8% of Units sold under the
private placement. Each finder's fee warrant will be exercisable to acquire a
common share at a price of $0.15 per share for a period of 24 months from the
date of issuance.
About Ruby Red Resources Inc.
Ruby Red was formed to participate in the acquisition, exploration and
development of mineral claims in the Fort Steele Mining Division of British
Columbia for the purpose of exploring for precious and base metals. Ruby Red
holds 100% working interests in 144 mineral claims (approximately 44,000
hectares), all located within 80 kilometres of Cranbrook, B.C. in the Purcell
and Rocky Mountains.
Certain statements contained in this news release constitute
forward-looking statements (the "forward-looking statements"). These
statements relate to future events or our future performance. All Statements
other than statements of historical fact are forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "anticipate", "budget", "plan", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "potential", "target",
"intend", "could", "might", "should", "believe" and similar expressions.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the forward-looking
statements. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. We cannot guarantee future results,
level of activity, performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same, in whole or
in part, as those set out in the forward-looking statements and information.
Some of the risks and other factors that could cause results to differ
materially from those expressed in the forward-looking statements include, but
are not limited to: general economic conditions in Canada, the governmental
regulation of the mining industry, including environmental regulation;
geological, technical and drilling problems; unanticipated operating events;
competition for and/or inability to retain drilling approvals from regulatory
authorities; stock market volatility; volatility in market prices for
commodities; liabilities inherent in mining operations; changes in tax laws
and incentive programs relating to the mining industry; and the other factors
described in our public filing available at www.sedar.com. Readers are
cautioned that this list of risk factors should not be construed as
The forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. We undertake no duty to
update any of the forward-looking statements to conform such statements to
actual results or to changes in our expectations except as otherwise required
by applicable securities legislation. The reader is cautioned not to place
undue reliance on forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILTY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Gordon Turner, President & CEO,
email@example.com; or Randall Tronsgard, Vice-President, Corporate
Development, firstname.lastname@example.org, (403) 770-1346 or