ATLANTA, Jan. 4, 2005 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that a private offering of securities to accredited investors has been completed. Gross offering proceeds totaled $622,785. The offering consisted of units, each unit containing one share of common stock and two warrants for $0.70. The common stock is restricted from resale under Rule 144, unless a registration of the shares occurs first. The first warrant has an exercise price of $1.35 and is exercisable for two years. The second warrant has an exercise price of $2.25 and an exercise period of four years. A mixture of current shareholders and new investors purchased the units.
CEO, G. Howard Collingwood, stated that, "The company is building the issuance of warrants into its fund raising efforts in order to create a source of continuing capital for the future and to encourage expanded ownership in the company with longer term investors who believe in the future of Admiralty."
The proceeds will be used for working capital, capital expenditures, professional fees and expenses, and accounts payable. A more detailed description of the terms of this financing will be included in Ruby's 2004 Annual Report on Form10-KSB which will be filed with the Securities and Exchange Commission (SEC). When so filed, the Annual Report will be available on the the SEC's website at http://www.sec.gov and on our web site at www.admiraltycorporation.com.
Please visit our web site www.admiraltycorporation.com for other news.
Forward-Looking Statements Caution:
This release contains "forward looking statements." Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties (some of which are described in the Company's Annual Report for 2003 on Form 10-KSB filed with the SEC) which could cause actual results or events to differ materially from those anticipated. Ruby does not undertake to update any of its forward-looking statements that may be made from time to time.