FINANCE: Rubicon Minerals Announces Increased Size of New Equity Financing to $45.0 million

TORONTO: Rubicon Minerals Corporation announced today that as a result of strong investor demand for its new equity raise previously disclosed on October 20, 2016, BMO Capital Markets, as lead agent on behalf of a syndicate of agents, has exercised its option to increase the size of the New Equity Financing to C$45.0 million and the agents have arranged subscriptions from investors to purchase subscription receipts for the full C$45.0 million. The proceeds of the New Equity Financing will be used to fund the Company's previously announced recapitalization transaction , pay down a portion of the outstanding amounts owing to CPPIB Credit Investments Inc. commence exploration activities at the Phoenix Gold Project and for general working capital purposes. The closing of the New Equity Financing is expected early November and is conditional on certain specified items, as fully described in the Term Sheet. The subscription receipts will automatically convert to common shares of Rubicon on the completing of the Restructuring Transaction. As part of the New Equity Financing, George Ogilvie, P.Eng., who is committed to become the new President and CEO of Rubicon upon and subject to the completion of the Restructuring Transaction, has agreed to personally invest in C$500,000 worth of subscription receipts (or approximately 0.70% of the equity ownership of the new capital structure).