ATLANTA, Jan. 27, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), a Colorado Corporation ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation, a Georgia corporation ("Admiralty"), today announced that a private offering of stock to accredited investors for $1,000,000 was fully subscribed and a provision for an over-subscription of $200,000 was also filled. The offering was scheduled to be open until the end of this month, but was filled before the end of December 2003. A mixture of current shareholders and new investors purchased the offering.
The proceeds will be used for working capital, capital expenditures, fees and expenses associated with the registration statement and accounts payable. Monies have already been paid to Larsen Laboratories to complete construction and testing of the first field operational ATLIS(tm) unit, the corporation's proprietary, patented, detection technology. Construction was begun in early December 2003, and completion is expected in late April 2004. Work has also begun to complete archival research concerning possible treasure ships located within the corporation's Pedro Bank permit area.
The complete terms of financing will be filled via a Form D dated January 8, 2004 with the Securities and Exchange Commission (SEC). The document will be available at the SEC's website at http://www.sec.gov and our web site at www.admiraltycorporation.com.
Additional information about the Company can be found at www.admiraltycorporation.com; http://www.macreport.net/featured/RUBM/company.asp
Caution Regarding Forward-Looking Statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectation or beliefs, as well as assumptions made by, and information currently available to, management. The Company's actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, but not limited to, governmental, monetary and fiscal policies; our ability to obtain financing for operations; our ability to establish and maintain relationships with foreign countries; our ability to secure and perform under contracts, licenses and other agreements; adverse changes in laws and regulations; adverse decisions and orders of courts and regulatory agencies; development of competing technology to ATLIS(tm); our ability to acquire marine vessels and conduct successful operations; less than expected performance of the ATLIS(tm) technology under actual field conditions; the issuance of patents providing adequate protection for the ATLIS(tm) technology; the successful adaptation of the ATLIS(tm) technology for use in detecting UXO and land mines; and adverse changes in the securities markets. The Company does not undertake to update any forward-looking statements that may be made from time to time by, or on behalf of, the Company.