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Royal Road Minerals is undertaking a private placement to fund its exploration activities in Colombia. The company highlights strong investor demand, evidenced by an existing institutional shareholder participating in the offering. The capital raised will support expanded drilling and general working capital. Investors will be monitoring the progress of these exploration programs and the company’s ability to secure necessary regulatory approvals for the financing.
Royal Road Minerals Ltd. announced on Monday it has secured an additional C$1 million in financing, with the funds earmarked for expanding its drilling programs in Colombia. The capital injection comes from an existing institutional shareholder, who participated on the same terms as the company’s recent brokered financing, signaling continued investor confidence.
The non-brokered private placement involves the issuance of five million ordinary shares at C$0.20 per share, generating gross proceeds of C$1 million. The company also stated that remaining funds from this offering will be allocated towards general working capital requirements.
The completion of the offering is contingent upon receiving the necessary corporate and regulatory approvals, including the endorsement of the TSX Venture Exchange.
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