Royal Road Minerals Ltd (TSX-V:RYR, OTC:RRDMF, FRA:RLU) said on Tuesday it has closed a brokered offering under the Listed Issuer Financing Exemption, raising gross proceeds of $7.31 million to drill its Colombian portfolio.
The offering included the sale of 36.53 million ordinary shares priced at $0.20 per share.
Net proceeds will fund continued exploration across the company's Guintär-Alemán-Margaritas district in Colombia, including its ongoing drill program, as well as general corporate purposes.
The company said the offering was anchored by existing institutional and long-term shareholders, which it described as a sign of continued confidence in its Colombian exploration strategy.
Royal Road said the financing strengthens its treasury as it advances drilling and exploration work across what it called one of Colombia's largest and most prospective mineral land positions.
In June, the firm reported high-grade silver and antimony intersections from its first diamond drilling program at the Margaritas target within Güíntar-Aleman-Margaritas, a gold-copper-silver project.
Margaritas is located four kilometers south of the company's Güíntar porphyry discovery, and Royal Road believes the two may be part of the same broader mineralized system.