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Royal Road Minerals closes second tranche of private placement

Last updated: 15:54 25 Apr 2016 EDT, First published: 10:54 25 Apr 2016 EDT

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Private placement raises C$1.3mln

Royal Road Minerals (CVE:RYR) shares jumped by 7% on Monday after the company announces closure of its second and final tranche of its non-brokered private placement offering with the issuance of 5,845,000 units at a price of C$0.05 per unit for gross proceeds of C$292,250.

The gold-focused mineral exploration and development company, said in total, the issuance was 26,559,000 units at a price of C$0.05 per unit for aggregate gross proceeds of C$1.3mln.

Each unit is comprised of one ordinary share of the company and one-half of one ordinary share purchase warrant. Each warrant entitles the holder 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.

The company agreed to pay a cash commission to certain parties in an amount equal to 6% of the aggregate proceeds received from investors sourced by such parties.

Royal Road shares were up 7.1% at C$0.08.

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