Business
Royal Road Minerals Closes C$3.6 Million Brokered Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - February 17, 2017) - Royal Road Minerals Limited (TSXV: RY...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"\nRoyal Road Minerals Closes C$3.6 Million Brokered Private Placement FinancingToronto, Ontario--(Newsfile Corp. - February 17, 2017) - 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 it has closed its previously announced private placement offering of units of the Company, led by Pollitt & Co., together with Echelon Wealth Partners Inc. and M Partners Inc., as agents (the \"Agents\").The Company issued an aggregate of 36,000,000 units (each a \"Unit\") of the Company, with each Unit comprised of one ordinary share of the Company and one-half of one ordinary share purchase warrant (each whole warrant, a \"Warrant\"), at a price of C$0.10 per Unit for total aggregate gross proceeds of C$3.6 million (the \"Offering\"). Each Warrant will entitle the holder thereof to acquire one ordinary share of the Company at a price C$0.20 until February 17, 2019.The Company (i) paid a total cash commission to the Agents equal to 6.0% of the gross proceeds of the Offering, and (ii) issued broker warrants (the \"Broker Warrants\") equal to 6.0% of the securities sold pursuant to the Offering. Each Broker Warrant entitles the holder to acquire one ordinary share of the Company at a price of $0.10 until February 17, 2019.                                                                                                                                   The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (\"MI 61-101\") as insiders of the Company subscribed for an aggregate of 600,000 Units. The Com...