ROYAL MINES & MINERALS CORP - FORM 10-K - XML - IDEA: XBRL DOCUMENT - July 30, 2012

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LOANS PAYABLE AND ACCRUED INTEREST RELATED PARTY
 12 Months Ended
Apr. 30, 2012
LOANS PAYABLE AND ACCRUED INTEREST RELATED PARTY [Text Block]
9.

LOANS PAYABLE AND ACCRUED INTEREST – RELATED PARTIES

   
 

As of April 30, 2012 and April 30, 2011, loans payable – related parties of $263,190 and $299,179, respectively, mainly consists of borrowings, directly and indirectly, from one director of the Company. The balances bear 10% interest, are unsecured and are due on demand. As of April 30, 2012 and April 30, 2011, accrued interest – related party was $6,778 and $133,963, respectively.

   
 

On July 13, 2011, 10,340,000 shares were issued in satisfaction of $517,000 of loans payable – related parties and 2,680,000 shares were issued in satisfaction of $134,000 of accrued interest- related parties.

   
 

On January 30, 2012, 9,000,000 shares were issued in satisfaction of $450,000 of loans payable – related party.

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