Royal Road MineralsLtd. said April 25 that it has closed the second and final tranche ofits previously announced financing, issuing a total of 26,559,000 company unitsat 5 Canadian cents apiece and raising a total of about C$1.3 million.
The company announcedthe nonbrokered private placement in March, initially planning to issue up to 20million units and raise C$1.0 million. In April, Royal Road said the financing wasoversubscribed and decided to issue additional units due to investor demand.
Each unit consists of one common share and 0.5 of a share purchasewarrant, with each whole warrant entitling its owner to acquire one common RoyalRoad share at 10 cents for a 24-month period from issuance.
According to Royal Road President and CEO Timothy Coughlin, theadditional capital will allow the company to advance its La Golondrina and La Redención gold projects inColombia.
Royal Road previously said it will use the proceeds to financeits planned operations in Colombia and for general working capital.