Rubianna Resources (ASX:RRE) substantial shareholder Philip...

Rubianna Resources (ASX:RRE) substantial shareholder Philip David Crutchfield has increased his stake in the company to 10.13% from 5.06%.

This in due in large part to his acquiring 12 million shares for $55,000 through a placement of shortfall shares.

The company had recently closed a fully underwritten one for one non-renounceable rights issue priced at $0.005 each to raise $542,978.

Shareholders had applied for 31,977,930 shares worth $159,890 with underwriter Active Blue Pty Ltd to subscribe for or find third parties for the shortfall of 76,617,675 shares.

Rubianna has also raised $170,000 through a placement of shares to professional and sophisticated investors.

Proceeds will be used to review new projects as well as carry out ongoing review, evaluation and exploration programs on existing projects.

Rubianna recently intersected gold of up to 17.76 grams per tonne gold at its Ruby Anna East prospect northeast of Meekatharra, Western Australia.