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CALGARY, AB, March 28, 2023 /CNW/ - (TSX: RBY) – Rubellite Energy Inc. ("Rubellite", or the "Corporation") is pleased to announce it has closed its previously announced non-brokered private placement offering of common shares ("Flow-Through Shares") issued on a "flow through" basis (the "Offering"). Pursuant to the Offering, the Corporation issued the maximum 7.0 million Flow-Through Shares at an issue price of $2.85 per Flow-Through Share, for gross proceeds of approximately $20.0 million. Certain directors and officers of the Corporation participated in the Offering and subscribed for $13.3 million of Flow-Through Shares increasing the Corporation's insider ownership from 34.1% of the Corporation's outstanding common shares prior to the Offering to 37.8% after the Offering.