VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 9, 2013) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or "the Company") has arranged and closed a non-brokered private placement. A total of 7,600,000 units at a price of $0.0675 per unit have been issued for gross proceeds of $452,250. Each unit consists of one common share of Millrock and one share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.15 per share for a period of five years until October 10, 2018.
The private placement contains an acceleration clause whereby should the shares of the Company trade at $0.21 or more for more than 30 consecutive trading days, the Company has the right to force exercise of the share purchase warrants by providing notice to the warrantholder. The warrantholder will have 30 trading days to exercise the share purchase warrants or they will be forfeited.
Proceeds from the financing will be used for project generation and general corporate purposes. The financing is subject to final approval from the TSX Venture Exchange.
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 and southwest USA, 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 and attendant shareholder dilution taken on by most exploration companies. Millrock currently has ten active exploration projects, seven gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Funding for Millrock's exploration projects primarily comes from its joint venture partners. Business partners of Millrock include some of the leading names in the mining industry: Teck, First Quantum and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information including the statement that an initial exploration program will be carried out on the Stellar project in August 2013. 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. It is not known whether the Miner will exercise the ROFR.
"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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Gregory A. Beischer