Royal Mines And Minerals Corp. announced that it has received $0.10 million in funding.
At any time prior to the maturity date, if the loan amount equals to $250,000 and the investor has not exercised the unit conversion option, the investor may elect to forgive the principal, including any interest accrued on the principal, in exchange for the option to form a joint venture with the company for the purpose of constructing and operating a processing plant at a new facility. If the joint venture option is exercised, would involve the company and the investor forming a limited liability company to operate the joint venture and ownership of limited liability company would be split equally between the company and the investor. In addition, the investor would advance $250,000 to limited liability company to fund the initial construction and operation costs of the joint venture. The company intended to raise $250,000 in the transaction.
On April 16, 2014, Royal Mines And Minerals Corp. closed the transaction.