VANCOUVER, BRITISH COLUMBIA, June 17, 2009 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announces that the private placement announced June 11, 2009 has closed and the Company reports no further tranches will be completed. Millrock has issued 4,227,273 units at CDN$0.22 per Unit to Altius Resources Inc., a wholly-owned subsidiary of Altius Minerals Corp. (ALS - TSX) ("Altius"). Each unit is comprised of one Millrock common share and one share purchase warrant. Each warrant may be exercised at a price of $0.30 cents until June 15, 2010, and thereafter at $0.40 to June 15, 2011. All of the securities issued hereunder are subject to a four month hold period and may not be traded until October 16, 2009.
Millrock reports that so long as Altius holds common shares representing at least 5% of the issued and outstanding common shares of Millrock, Altius shall be entitled (but not required) to participate in any future issuances to third parties (except in certain issuances including issuances to Kinross Gold Corporation (K - TSX; KGC - NYSE)) of common shares or any securities convertible into, exchangeable for or exercisable to acquire common shares, such that Altius will, following the completion of any such issuance, hold the same percentage of common shares as Altius held immediately prior to such issuance.
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
FORWARD LOOKING STATEMENTS
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. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
"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."