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Royal Road Minerals

ROYAL ROAD MINERALS CLOSES PRIVATE PLACEMENT OFFERING

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ROYAL ROAD MINERALS CLOSES PRIVATE PLACEMENT OFFERING

November 20, 2019 – Toronto, Ontario: Further to its press release dated October 21, 2019, Royal Road Minerals Limited (TSXV:RYR) (the “Company”), a gold and copper focused mineral exploration and development company, is pleased to announce that it has closed its previously announced private placement (the “Offering”), pursuant to which the Company issued an aggregate of 13,636,364ordinary shares (“Ordinary Shares”) in the capital of the Company at a price of C$0.22 per Ordinary Share for aggregate gross proceeds of C$3,000,000.

Pursuant to the investor rights agreement between the Company and Agnico Eagle Mines Limited (“Agnico”) dated May 23, 2019, Agnico has purchased such number of Ordinary Shares in the Offering that result in Agnico maintaining its pro-rata ownership interest in the Company.

In connection with the Offering, the Company paid a total cash commission equal to 6.0% of the aggregate gross proceeds, and issued broker warrants (the “Broker Warrants”) equal to 6.0% of the Ordinary Shares sold, to Pollitt & Co. Inc., the Company’s agent in connection with the Offering. Each Broker Warrant entitles the holder to acquire one Ordinary Share at a price of $0.22 until November 20, 2021.

The net proceeds received by the Company from the Offering are expected to be used to finance the Company’s planned exploration operations in Colombia and Nicaragua and for general working capital purposes. All Ordinary Shares issued pursuant to the Offering are subject to a statutory four month and one day hold period, which expires on March 21, 2020.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement:

This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements regarding the use of proceeds from the private placement transactions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in financing transactions, exploration and development of mineral properties, the hiring and retention of directors and officers, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors”, which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

For further information please contact:
Investor Relations
USA-Canada toll free: +1-800-638-9205
Phone: +44 (0)1534 887166
info@royalroadminerals.com