The Toronto-based company issued just over 31.2 million shares priced at C$0.37 for total proceeds of $11,552,325, according to a statement.
The offering was led by Stifel GMP on behalf of a syndicate of underwriters, including Pollitt & Co Inc, Sprott Capital Partners LP, Leede Jones Gable Inc and Red Cloud Securities Inc.
READ: Royal Road Minerals unveils encouraging new drill results from Luna Roja gold project in Nicaragua
In July, Royal Road revealed encouraging drill results from the Luna Roja gold project in Nicaragua, which have provided the firm with more insight into how to extend mineralization there.
Results from the first nine holes included 65 metres at 6.9 grams per ton (g/t) gold, including 41 metres at 10 g/t gold.
The asset lies in the highly prospective Golden Triangle, a region that has produced some eight million ounces of gold since the early 1900's and is part of Royal Road's strategic-alliance with Hemco Mineros Nicaragua.
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