Royal Road Minerals Announces Closing of Non-Brokered LIFE Financing

Core Viewpoint - Royal Road Minerals Limited has successfully closed a non-brokered private placement offering, raising gross proceeds of $5 million through the issuance of 27,772,523 ordinary shares at a price of $0.18 per share [1][5]. Group 1: Offering Details - The offering was conducted under the LIFE Exemption, allowing shares to be sold without a hold period under Canadian securities laws [2]. - The offering attracted significant interest from both existing and new investors [2]. - The largest shareholder, Rio2 Limited, retains approximately 15% equity stake in Royal Road after the offering [3]. Group 2: Financial Aspects - The company paid cash commissions totaling $251,319.23 and issued 1,396,215 broker warrants, each allowing the purchase of one share at $0.18 for 36 months [4]. - The net proceeds from the offering will be allocated to expand drilling programs in Colombia and Saudi Arabia [5]. Group 3: Regulatory Compliance - The offering constituted a related party transaction, with insiders subscribing for 4,502,223 shares, relying on exemptions from certain regulatory requirements [6]. - The securities issued are not registered under the U.S. Securities Act and cannot be offered or sold in the U.S. without registration or an exemption [7]. Group 4: Company Overview - Royal Road Minerals is a mineral exploration and development company focused on discovering and developing copper and gold deposits with minimal environmental impact [8]. - The company operates in Saudi Arabia, Morocco, and Colombia, and is listed on multiple exchanges including TSX Venture Exchange and OTCQB [8].