VANCOUVER, BRITISH COLUMBIA, October 21, 2009 - Millrock Resources Inc. (MRO - TSX:V) announces that it has closed the third and final tranche of a non-brokered private placement announced August 31, 2009. The financing was oversubscribed. A total $1,657,500 gross proceeds were raised. In this third tranche, Millrock issued 1,425,000 units at $0.20 per unit for gross proceeds of $285,000. Each unit is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.30 until April 21, 2011.
Finders' fees of 8% were paid on a portion of the financing as follows: $20,000 cash and 100,000 finders' warrants were issued. Each finder warrant is exercisable into one common share at a price of $0.30 until April 21, 2011.
The warrants and the finders' warrants include a provision for an accelerated expiry date in the event that the closing price of the shares on the Exchange exceeds $0.40 for 10 consecutive trading days.
All of the securities issued hereunder are subject to a four month hold period and may not be traded until February 22, 2010.
ABOUT MILLROCK RESOURCES INC.
Millrock is a TSX Venture Exchange listed company intent upon the discovery of 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 four active exploration projects in Alaska, and three in Arizona.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Gregory A. Beischer, President & CEO
Phone: (604) 638-3164
Toll Free: (877) 217-8978
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."