RUBICON CLOSES $4.75 MILLION FINANCING
VANCOUVER, CANADA: David W. Adamson, President and CEO of Rubicon Minerals Corporation
(RMX.TSX Venture) announces that the Company has sold, to qualified purchasers by way of a best efforts
private placement, 4,535,300 Units at a price of $1.05 per Unit for gross proceeds of $4,762,065. The Units
were sold through a syndicate led by Research Capital Corporation and including First Associates Investments
Inc., Haywood Securities Inc. and Salman Partners Inc. (together the “Agents”). A final closing relating to the
financing is scheduled to occur early next week. As a result of today’s closing, the Agents received an over
allotment option, exercisable at any time following 30 days from today (March 22, 2003), to acquire that number
of Units equal to 15% of the Units sold.
Each Unit consists of one Common Share and one half of a Common Share Purchase Warrant. Each whole
Common Share Purchase Warrant entitles the holder to purchase one Common Share at a price of $1.25 per
Common Share until February 20, 2005. Research Capital Corporation acted as lead Agent in placing the Units,
for which the Company paid a $285,723.90 (6%) cash commission and issued warrants which entitle the Agents
to purchase 272,118 (6%) Common Shares at a price of $1.05 per Common Share until February 20, 2005.
The securities issued today are subject to a hold period until June 21, 2003.
The net proceeds of the financing will be used to fund exploration on the Company’s Red Lake assets, including
the McFinley Gold Project, Ontario and for general working capital and corporate development purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the
United States. The securities have not been and will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be