Business
Royal Road Minerals Updates $CAD 1M Financing
TORONTO, ON / ACCESSWIRE / March 16, 2016 / Further to its press release dated 15th March 20...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road Minerals Updates $CAD 1M FinancingTORONTO, ON / ACCESSWIRE / March 16, 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 share purchase warrant terms related with its intended non-brokered private placement (the \"Offering\"). The Offering will comprise of up to 20,000,000 units (each a \"Unit\") of the Company at a purchase price of C$0.05 per Unit for aggregate gross proceeds of up to C$1.0 million. Each Unit will be comprised of one ordinary share of the Company and one-half of one ordinary share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant will entitle 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. \n\"Proceeds of this capital raising will be used for initial drill-testing of the Company's high-grade La Golondrina gold project in the La Llanada gold district of southern Colombia and to finance further license acquisition initiatives within the region\" said Tim Coughlin, Royal Road Minerals' President and CEO \"At Golondrina, 60 saw-cut channel samples from four horizontal levels of active underground development extending over an approximately 40 meter vertical interval average 31.1 g/t gold over highly variable but average vein widths of 0.3 meters. In some cases, vein zones of more than one vein with smaller linking veinlets and vein stockwork zones extend from and into the floor and roof of underground development and over vertical widths exceeding 2 meters. Where sampled, vein zones have returned best results of 21.7g/t gold over 2.2 meters and 11.8g/t gold over 2 meters and vein stockwork zones have returned 43.0g/t gold over 0.7 meters and 12.9g/t gold over 1.25 meters. We now need to drill test and continuously sample this 40m interval of underground development from surface to identify the stack frequency of veins and vein zones and extend the mineralization to further collapsed tunnels at depth and laterally along the La Golondrina ridge. We are also working on further exploration and mining license acquisition initiatives within the region in order to secure a significant and prospective land position.\" \nThe Offering...