Royal Roads Corp.
TSX VENTURE : RRO

Royal Roads Corp.

June 29, 2005 16:15 ET

Royal Roads Corp. Announces Revised Terms to Private Placement Previously Announced on June 20, 2005 and the Election of New Directors

CALGARY, ALBERTA--(CCNMatthews - June 29, 2005) - Robert B. Fraleigh, President of Royal Roads Corp, (TSX VENTURE:RRO) (the "Corporation") announces that the Corporation intends to amend the terms of the $300,000 private placement previously announced on June 20, 2005.

The proposed private placement includes the proposed issuance of up to 1,200,000 flow through units ("Unit") at a purchase price of $0.25 per Unit. Each Unit consists of one common share in the share capital of the Corporation issued on a "flow-through" basis and one half of one common share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one regular common share in the share capital of the Corporation exercisable at $0.25 per common share for a period of 12 months from the date of issuance of the Units.

The funds from the private placement will be used for continued exploration of the Corporation's Tulks North property. The property hosts a number of VMS-style polymetallic base metal prospects in addition to the Daniel's Pond silver-gold-copper-lead-zinc deposit which is open along strike and to depth. The Tulks North property in Newfoundland and Labrador is located 15 miles west of Aur Resources' Duck Pond base metal deposit.

Additionally, the Corporation is pleased to announce that George W. Oughtred and John J. Komarnicki were elected as directors of the Corporation at the annual general and special meeting of shareholders held on June 22, 2005. The existing members of the board of directors of the Corporation are now George W. Oughtred, John J. Komarnicki, John C. Fraleigh, Robert B. Fraleigh and Michael J. Perkins.

The private placement is subject to regulatory approval.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Royal Roads Corp.
    Robert B. Fraleigh
    President
    (403) 261-3797