Millrock Closes Non-Brokered Private Placement
June 9, 2010
VANCOUVER, BRITISH COLUMBIA, June 9, 2010 - Millrock Resources Inc. (MRO - TSX:V) announces it has closed the non-brokered private placement announced June 1, 2010. The financing was over-subscribed. The Company raised gross proceeds of $1,656,900 and issued 4,784,000 units, with each unit consisting of one common share and one share purchase warrant. Each share purchase warrant entitles the holder thereof to purchase one additional common share at a price of $0.50 until June 9, 2012.
Finder's fees of 7% were paid on a portion of the financing as follows: $82,075 in cash, 21,000 finder's warrants and 210,000 finder's options. Each finder's warrant is exercisable into one common share at a price of $0.50 until June 9, 2012. Each finder's option is exercisable into one unit at $0.35 per unit. Each unit under the finder's options has the same terms as the units under the private placement.
All of the securities issued hereunder are subject to a four month hold period and may not be traded until October 10, 2010.
About Millrock Resources Inc.
Millrock is a TSX Venture Exchange listed Company intent upon the discovery of large, high value mineral deposits, with a focus on Alaska gold deposits and Arizona copper-gold porphyries. The Company follows a project generator/joint venture business model that capitalizes on Millrock's knowledge and ability in two outstanding mining jurisdictions. This model shares risk by partnering with other companies that invest capital to move exploration projects toward development and production. Millrock currently has eight active exploration projects in Alaska, and three in Arizona. Six of the projects are the subject of joint venture agreements in which other companies are making exploration expenditures to earn an interest in Millrock's projects. Drilling is planned on at least four of the Company's projects in 2010.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place
Vancouver, BC V6C 3E1
"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."
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