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Royal Road nets C$5.4M in funding deals, ups stake in Colombian firm

Royal Road Minerals Ltd. said Feb. 15 that it raised about C$5.4 million from two funding deals covering the issuance of 33,620,487 shares at 16 Canadian cents apiece.

The company issued 10,178,437 shares on a private placement basis to Barrick Gold Corp., and 23,442,050 shares under a brokered offering led by Pollitt & Co. Inc.

Proceeds from these offerings will be used for exploration and development of the company's assets in Colombia and Nicaragua as well as for general corporate and working capital purposes.

Royal Road also acquired an additional 5% interest in Colombian firm Minerales Camino Real SAS for 2 million shares, taking its total holding in the latter to 97%. The company, through Minerales Camino Real, holds various exploration interests in Colombia.