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Royal Road Minerals Limited to tap market

Last updated: 02:26 16 Mar 2016 AEDT, First published: 22:26 15 Mar 2016 AEDT

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The shares are up 30% year-to-date

Royal Road Minerals Limited (CVE:RYR), the gold-focused mineral exploration and development company, is to raise up to C$1mln by placing stock.

In all, the company will complete a non-brokered private placement of up to 20mln units of the company at a purchase price of C$0.05 per unit.

Each unit comprises one Royal Road ordinary share and half a warrant; each complete warrant will entitled the holder to purchase one ordinary share in Royal Road at any time up to 24 months from the date of issue of the warrant.

The net proceeds of the share offer will be used by the company to help finance its planned operations in Colombia and for general working capital purposes. In connection with the offering, the company said it may pay fees to certain finders in an amount equal to 6% of the aggregate proceeds from purchasers signed up by said finders.

The share offer is expected to close on or around 8 April.

Things are looking up for the gold mine developer, and not just because of the sharp recovery in the price of gold; earlier this month it revealed the latest results from underground samples at the La Golondrina gold mine in Colombia, which it described as “encouraging and in line with what we expected”.

The shares are up 30% year-to-date at 6.5 cents.
 

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