Royal Road Minerals launches up to C$10M LIFE offering

Royal Road Minerals Ltd (TSX-V:RYR, OTC:RRDMF, FRA:RLU) said it has entered into an agreement to raise up to C$10 million through an offering of ordinary shares.

The offering will see up to 50 million shares sold at C$0.20 apiece under a commercially reasonable efforts arrangement.

Rio2 Limited (TSX-V:RIO, OTCQX:RIOFF) is expected to participate in the placement in order to maintain its 15% stake in the company.

Proceeds from the offering will go toward exploration activities in Colombia and general corporate purposes.

SCP Resource Finance LP and Raymond James are co-lead agents, alongside a syndicate that includes Stifel Nicolaus Canada. 

The offering is expected to close around July 28.