Royal Mines And Minerals Corp. (OTCPK: RYMM) announced a private placement of 9,000,000 units at $0.05 per unit for gross proceeds of $450,000 on January 30, 2012. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase an additional share of the company's common stock at an exercise price of $0.10 per share for a two year period from the date of issuance. Each of the subscribers were directors or executive officers of the company or were close personal friends, relatives or business associates of a director or executive officer of the company. On January 30, 2012, Royal Mines And Minerals Corp. closed the transaction.