Business
Royal Road Minerals Announces Closing of Second Tranche of Private Placement Financing
TORONTO, ON / ACCESSWIRE / April 25, 2016 / Further to its press releases dated March 15, 20...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Announces Closing of Second Tranche of Private Placement FinancingTORONTO, ON / ACCESSWIRE / April 25, 2016 / Further to its press releases dated March 15, 2016 and April 15, 2016, Royal Road Minerals Limited (TSXV: RYR) (the \"Company\"), a gold focused mineral exploration and development company, is pleased to announce that the Company has closed the second and final tranche of its previously announced non-brokered private placement offering (the \"Offering\") with the issuance of 5,845,000 units (each, a \"Unit\") of the Company at a price of C$0.05 per Unit for gross proceeds of C$292,250. \nIn total, the Company issued and sold an aggregate of 26,559,000 Units at a price of C$0.05 per Unit for aggregate gross proceeds of C$1,327,950 pursuant to the Offering. Each Unit is comprised of one ordinary share of the Company and one-half of one ordinary share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one ordinary share of the Company at a price of C$0.10 for a period of 24 months from the date of issuance. \nThe Company agreed to pay a cash commission to certain parties in an amount equal to 6% of the aggregate proceeds received from investors sourced by such parties. All securities issued under the Offering are subject to resale restrictions under applicable securities laws. \n\"We are most grateful for the support evident in the demand and oversubscription of this financing\" said Dr Tim Coughlin, President and CEO of Royal Road Minerals \"this additional capital, in combination with the operational measures we have implemented over the previous seven-months, will allow us to advance our La Golondrina and La Redención gold projects in the La Llanada gold field of southern Colombia, whilst remaining opportunistic and retaining a relevant capital structure\"\nThe securities to be issued under the Offering 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 accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to s...