A brief update on our Accelerator and on events from last week.
The Royal Road Accelerator; Social Change Through Business
CGS – Economic Development Award
We are pleased to announce that the Accelerator has won the Economic Development Award at the 2021 Colombia Gold Symposium which was held in Medellin last week . The award recognizes leading economic development programs which support host communities and create real and sustainable economic and social impact.
Royal Road competed against 6 other mining and exploration companies, and was evaluated under the criteria of innovation, effectiveness, replicability, social inclusion, creation of alliances and sustainability.
The Accelerator is a wholly-owned, yet financially independent subsidiary of Royal Road which supplements the Company’s ongoing social initiatives by identifying commercial opportunities in its rural communities in Nicaragua and Colombia and collaborating with other investors and other stakeholders to incubate and spin-out innovative enterprises engaged in the cultivation and fabrication of goods for international markets. The Accelerator is currently advancing Cloris Ltd (a hemp CBD project) in Nariño, Colombia and the Quassia and Amaral projects (natural bioinsecticide and commercial beverage projects) in Nicaragua.
The Accelerator is also pleased to announce that on Tuesday of last week it selected the two winners of its first Community Investment Fund initiative.
In July 2021 the Accelerator opened applications for its Community Investment Fund. Applicants were informed via community meetings and social media and given the opportunity to apply for an investment of up to $50,000. A total of 85 applications were received, 13 from Nicaragua and 72 from Colombia. After evaluating proposals the Accelerator chose to invest in 2 businesses:
Based in Cauca Province, Colombia (close to Royal Road’s El Molino Project), BeFly is developing high-quality, protein-rich animal feed through the bioconversion of organic waste by black soldier flies. The technology can be established in various of the Companies rural environments in Nicaragua and Colombia in order to bioconvert the organic waste produced from rural households and restaurants, diversify the community food source and reduce reliance on otherwise forested pasture land.
Biomma is a Colombian business that combines reforestation with technology. Biomma is developing a platform that will allow for companies and households to independently minimize and compensate their carbon footprint. Over the last year, Biomma has planted more than 70,000 trees in Colombia’s Cocora Valley, alongside major Colombian and international brands, like Cetaphil and Asul.
In both investment cases, the Accelerator has placed an investment of $50,000 to earn 25% and 20% of BeFly and Biomma respectively. Investment agreements provide the right for the Accelerator to maintain its interest (if it so desires), to nominate a Director to the Board and to direct the benefit of its investment towards the company’s local communities in Nicaragua and Colombia.
Dr Tim Coughlin, President and CEO, Royal Road Minerals Ltd