Royal Road Minerals Ltd (CVE:RYR) said it has closed its two financing transactions, raising a total of C$5,379,279.
In a statement, the company said it has issued a total 33,620,487 ordinary shares at C$0.16 per share.
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The company also announced that it had bought an additional 5% of Minerales Camino Real S.A.S., thereby increasing its interest in the company to 97%.
RRM Colombia is a Colombian corporation through which the company holds various mineral exploration interests and carries on its operations in Colombia.
Following the financing transactions, Royal Road issued on a private placement basis, 10,178,437 Ordinary Shares to Barrick Gold Corporation (TSE:ABX, NYSE:ABX) in completion of the previously announced strategic investment in the company by Barrick.
It also issued 23,442,050 Ordinary Shares pursuant to a brokered offering led by Pollitt & Co. Inc., as lead agent, together with Sprott Capital Partners, a division of Sprott Private Wealth LP, as agents (Agents) to the Company.
Another 2,000,000 Ordinary Shares were issued to the seller in consideration for the 5% additional equity interest in RRM Colombia acquired by the company.
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Royal Road also paid cash commission equal to 6.0% of the aggregate gross proceeds, and issued broker warrants equal to 6.0% of the ordinary shares sold, to the Agents.
Each Broker Warrant entitles the holder to acquire one ordinary share at a price of C$0.16 until 15 February 2020.
The net proceeds from the transactions are expected to be used for exploration and development at the company's Colombian and Nicaraguan properties and for general corporate and working capital purposes.