ATLANTA, June 30, 2005 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that it has completed a financing involving the sale of $2,500,000 in secured convertible notes ("Notes"), coupled with five-year warrants to acquire common stock ("Warrants"). The notes are to be purchased in three tranches: the first tranche is in the amount of $850,000, which Admiralty received upon the signing of the definitive investment agreements on June 28, 2005. The second tranche, in the amount of $800,000, is due upon the filing of a registration statement with the Securities and Exchange Commission to register the shares of common stock underlying the Notes and Warrants. The third tranche, in the amount of $850,000, is due upon the effectiveness of the registration statement. Under the terms of the notes, the unpaid principal balance of notes, together with any accrued interest thereon, are due and payable three years after the date of issuance. The financing was obtained through the NIR Group of Rosalyn, New York and Laidlaw & Co. (UK) Ltd. of New York City.
Admiralty CEO, G. Howard Collingwood, stated, "We are very pleased to have secured financing from Laidlaw & Co., America's oldest brokerage firm and one of its finest. We look forward to a continuing and productive relationship with such a professional and knowledgeable financial institution well into the future."
More details concerning the financing can be found in a Form 8-K filed by the company on June 30, 2005.
The company intends to use the proceeds from the financing to pay current accounts payable, to complete the first commercial ATLIS(tm) unit, for continuing operations and for working capital.
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 2004 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.