Rugby Announces Shares for Debt Closing

VANCOUVER, British Columbia, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Rugby Mining Ltd. (“Rugby” or the “Company”) (TSX-V:RUG) announces that further to its news release dated November 11, 2016, it has received TSX Venture Exchange approval for the Shares for Debt transaction entered into with Rowen Company Limited, a company controlled by Bryce Roxburgh, the Chairman of the Company, to settle outstanding debt for management services provided to the Company totaling $130,000 by the issuance of 433,333 common shares (the “Common Shares”) of the Company at a deemed price of $0.30 per Common Share.

All Common Shares issued in connection with the Shares for Debt transaction are subject to a prescribed four-month hold period ending April 15, 2017.

For additional information you are invited to visit the Rugby Mining Ltd. website at www.rugbymining.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