Royal Road Minerals Ltd (TSX-V:RYR, OTC:RRDMF, FRA:RLU) announced plans to raise up to C$1 million, with proceeds going toward expanding its drilling programs in Colombia.
In a statement, the company said that strong investor demand prompted an existing institutional shareholder to buy in on the same terms as the company's recent brokered financing.
The non-brokered offering will see the shareholder acquire five million ordinary shares at C$0.20 each, raising gross proceeds of C$1 million.
The remaining funds will go toward general working capital needs.
Closing remains subject to corporate and regulatory approvals, including sign-off from the TSX Venture Exchange.