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Roadman Investments closes 1st tranche of private placement

Roadman Investments Corp. closed the first tranche of its nonbrokered private placement, issuing an aggregate of 7,202,728 units at a price of 5.5 Canadian cents per unit for gross proceeds of C$396,150.04.

Each unit consists of 1 common share in the capital of the company and 0.5 of a common share purchase warrant. Each whole warrant is exercisable to acquire 1 share at an exercise price of Canadian 10 cents until Aug. 15, 2021.

Roadman Investments plans to use proceeds from the offering for general corporate and working capital purposes.

In connection with the closing of the first tranche, Roadman Investments agreed to pay finder's fees of C$12,589.50 in cash and 139,650 share purchase warrants. Each finder's warrant is exercisable for 1 share in the capital of the company at a price of Canadian 10 cents until Aug. 15, 2021.

The offering remains subject to final approval of the TSX Venture Exchange.