Business
Royal Road Minerals Announces Initial Closing and Over-Subscription of Previously Announced Financing
TORONTO, ON / ACCESSWIRE / April 15, 2016 / Further to its press release dated 15th March 20...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Announces Initial Closing and Over-Subscription of Previously Announced FinancingTORONTO, ON / ACCESSWIRE / April 15, 2016 / Further to its press release dated 15th March 2016, Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road Minerals\" or the \"Company\"), a gold focused mineral exploration and development company, is pleased to announce that the Company has completed an initial closing of its previously announced non-brokered private placement offering (the \"Offering\"). Pursuant to the initial closing, the Company issued and sold an aggregate of 20,748,000 units (each a \"Unit\") at a price of C$0.05 per Unit for aggregate gross proceeds of $1,037,400. 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 also announces that, due to investor demand, the Company intends to issue up to 5,252,000 additional Units in a subsequent closing of the Offering for additional aggregate gross proceeds of 262,600, such that a total of up to 26,000,000 Units would be issued pursuant to the Offering for aggregate gross proceeds of up to C$1.3 million. The subsequent closing is expected to occur on or about April 22, 2016. Closing of the Offering is subject to the approval of the TSX Venture Exchange. All the securities issued under the Offering are subject to resale restrictions under applicable securities laws. \nThe Company intends to use the net proceeds of the Offering for initial drill-testing of the Company's La Golondrina gold project in the La Llanada gold district of southern Colombia, to finance further license acquisition initiatives within the region and for general corporate purposes.\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 do...