Rubicon Minerals completes $10.2-million financing

2008-11-18 12:18 ET - News Release

Mr. Bill Cavalluzzo reports

RUBICON MINERALS CLOSES $10.2 MILLION FINANCING

Rubicon Minerals Corp. has closed its previously announced concurrent brokered and non-brokered private placements, raising gross proceeds of $10,200,930. Pursuant to the brokered offering, the company issued 4.5 million flow-through common shares at a price of $1.35 per FT share and 3,296,300 common shares at a price of $1.10 per offered share, for gross proceeds of $9,700,930. GMP Securities LP acted as lead agent in connection with the brokered offering, along with a syndicate of agents that included Research Capital Corp. and TD Securities Inc. The company also issued 370,370 flow-through shares at a price of $1.35 per flow-through share to certain insiders and employees of the company as well as other qualified investors, for gross proceeds of $500,000.

Proceeds from the issue and sale of the flow-through shares will be used to incur eligible Canadian exploration expenses on the company's Phoenix gold project. Proceeds from the issue and sale of the offered shares will be used for general and administrative and working capital purposes.

All securities issued under the brokered offering are subject to a four-month hold period, expiring March 19, 2009.

The private placements are subject to final acceptance by the Toronto Stock Exchange.

We seek Safe Harbor.