Royal Road Minerals Limited (CVE:RYR) said on Thursday it has appointed Pollitt & Co. to lead a syndicate of agents, including Echelon Wealth Partners Inc. and M Partners Inc., to conduct a private placement offering, on a best-efforts agency basis, of up to 30 million units of the company at a purchase price of 10 cents per unit for aggregate gross proceeds of up to C$3mln.
Each unit will comprise one ordinary share of the company and one-half of one ordinary share purchase warrant. Each warrant will entitle the holder thereof to acquire one ordinary share of the company at a price 20 cents for a period of 24 months from the date of issuance.
The net proceeds of the offering is intended to be used by the company to help finance its planned operations in Colombia and its anticipated operations in Nicaragua following any successful completion of its previously announced intended acquisition of Caza Gold Corp.
The closing date for the private placement is scheduled to occur on or about Feb. 17.