Royal Road Minerals Limited (CVE:RYR) (OTCMKTS:RRDMF) announced Tuesday that it has entered into a bought deal financing agreement to raise C$10,045,500 to help fund gold exploration projects in Nicaragua and Colombia.
Under the deal, a syndicate of underwriters led by Stifel GMP will buy 27,150,000 ordinary shares for C$0.37 each, according to a statement.
Toronto-based Royal Road said it granted underwriters an over-allotment option to purchase up to an additional 4,072,500 shares at the offering price exercisable for 30 days following the closing of the offering.
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If this option is exercised in full, an additional C$1,506,825 in funds will be raised for aggregate gross proceeds of C$11,552,325.
The offering is scheduled to close on or about August 4, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
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