VANCOUVER, BRITISH COLUMBIA, December 15, 2017 – Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock") reports that the non-brokered private placement announced on November 28, 2017 has closed and a total of 6,970,000 Units (the “Units”) at a price of $0.25 per Unit were issued for gross proceeds of $1,742,500.
Each Unit consisted of one common share and one share purchase warrant (a “Warrant”) entitling the holder to purchase one additional common share for $0.35 per Share until December 15, 2018, thereafter for $0.45 per Share until December 15, 2019 and thereafter for $0.55 per Share until December 15, 2020.
Finder’s fees were paid as follows: $600 to Sprott Private Wealth LP, $41,325 to Sprott Global Resource Investments, Ltd., $10,500 to Red Plug Capital Corp, $3,000 to Canaccord Genuity Corp., $4,200 to Haywood Securities Inc. and $600 to Leede Jones Gable.
The common shares, Warrants and all common shares issuable upon exercise of Warrants are subject to a four month hold period and may not be traded until April 16, 2018.
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 is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited., and Sojourn Exploration Inc.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(877) 217-8978 (toll-free)
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.