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Royal Road Minerals Ltd brings in C$3.6mln from placing

The proceeds are intended to help finance its planned operations in Colombia and its anticipated operations in Nicaragua

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The group issued 36 million units to raise C$3.6mln

Precious metals explorer Royal Road Minerals Ltd (CVE:RYR) has raised C$3.6mln from its previously announced private placing at 10 cents a share.

The net proceeds are intended to help finance its planned operations in Colombia and its anticipated operations in Nicaragua following the successful completion of its intended acquisition of Caza Gold Corp (TSXV:CZY).

The offering was led by Pollitt & Co, together with Echelon Wealth Partners Inc and M Partners Inc, as agents.

The group issued 36 million units, with each consisting  of one share and one-half of one share purchase warrant, entitling the bearer to buy one company share for 20 cents for 24 months from the date of issue.

All shares issued will be subject to a statutory four-month hold period ending on June 18 this year.

Late last month, the group made an offer to buy Caza Gold Corp (CVE:CZY) in an all-share deal.

Caza controls a large land position in the highly prospective but largely undeveloped gold belts of Nicaragua - the properties are the Los Andres district, Piedra Iman, Las Lajas, Cerro Pedernal, El Diamente,  Teustepe and Cerro La Vaca.

The deal, not yet completed, sees Royal Road Minerals offering 0.16 of a Royal Road share to buy 100% of the equity.

In December last year, Coughlin revealed the transaction had been in the making for some time and was intended to represent the first of a proposed series of evolutionary step-changes for Royal Road.

Quick facts: Royal Road Minerals

Price: 0.36 CAD

TSX-V:RYR
Market: TSX-V
Market Cap: $93.85 m
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