VANCOUVER, BRITISH COLUMBIA, Dec 10, 2015 (Marketwired via COMTEX) — Millrock Resources Inc. (MRO) reports that the non-brokered private placement announced on November 20, 2015 and subsequently increased has closed. A total of 8,321,509 Units at a price of $0.16 per Unit have been issued for gross proceeds of $1,331,441.44. 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 $0.22 per common share until December 10, 2016, thereafter at a price of $0.30 per common share until December 10, 2017 and thereafter at a price of $0.40 per common share until December 10, 2019.
Finder's fees were paid as follows: $35,000 and 218,250 non-transferable Finder's Warrants have been paid to Sprott Global Investments Ltd.; $19,880 and 124,250 non-transferable Finder's Warrants have been paid to Red Plug Capital Corp.; and $224 and 1,400 non-transferable Finder's Warrants have been paid to Canaccord Genuity Corp. Each Finder's Warrant entitles the Finder to purchase one additional common share at a price of $0.22 per common share until December 10, 2016, thereafter at a price of $0.30 per common share until December 10, 2017 and thereafter at a price of $0.40 per common share until December 10, 2019.
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 April 11, 2016.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class metallic mineral deposits in mineral-rich Alaska, southwest USA, and Mexico, 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. Millrock currently has numerous active exploration projects in Alaska, New Mexico and 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: First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
"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."
FOR FURTHER INFORMATION PLEASE CONTACT: Millrock Resources Inc. Gregory A. Beischer (604) 638-3164 (907) 677-3599 (FAX) www.millrockresources.com
SOURCE: Millrock Resources Inc.
Original Article: http://www.marketwatch.com/story/millrock-closes-non-brokered-private-placement-2015-12-10-141601030
