Millrock Closes Tranche One of Non-Brokered Private Placement
VANCOUVER, BC--(Marketwired - May 11, 2016) - Millrock Resources Inc. (TSX VENTURE: MRO) reports that a portion of the non-brokered private placement announced on May 4, 2016 has closed and a total of 1,730,000 Units at a price of $0.29 per Unit have been issued for gross proceeds of $501,700. Each Unit consists of one common share and one share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.44 per common share until May 25, 2019.
Finder's fees were paid as follows: $30,102 and 103,800 Finder's Warrants have been paid to Red Plug Capital Corp. Each Finder's Warrant entitles the Finder to purchase one additional common share at a price of $0.29 per common share until May 5, 2018.
Common shares issued in connection with this private placement, Warrants, Finder's Warrants and all common shares issuable upon exercise of Warrants and Finder's Warrants, are subject to a four month hold period and may not be traded until September 7, 2016.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, Newcrest Gold First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
Contact
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
800 - 789 West Pender Street
Vancouver, BC V6C 1H2
