Rubicon raises half a million (January 11, 1999)

Junior Rubicon Minerals (RMX-V) has closed a private placement of 1.5 million units priced at 35 cents each, resulting in gross proceeds of $545,000.

Each unit consists of one share and one non-transferable warrant entitling the purchase of an additional share at 42 cents in the first year or 60 cents in the second. The shares have a hold period of until Dec. 31, 1999.

The proceeds will be used partly to cover property-holding and exploration costs.

Based in Vancouver, Rubicon has several key base metal and gold projects in Alaska, Newfoundland and the Red Lake area of Ontario.