Millrock Resources Announces Private Placement Financing
VANCOUVER, Nov. 20, 2015) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock") announces that it plans to raise gross proceeds of up to $700,000 through the sale of 4,375,000 units (the "Units") priced at $0.16 per Unit. Each Unit consists of one common share and one share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.22 per common share until and including the date which is one year from the closing date, thereafter at a price of $0.30 per common share until and including the date which is two years from the closing date and thereafter at a price of $0.40 per common share until and including the date which is four years from the closing date. Millrock expects to pay finder's fees in connection with this financing. The securities issued under this financing will be subject to a hold period of four months from the closing date. Millrock intends to use the proceeds for a series of specific property acquisitions and for general corporate purposes. This financing is subject to receipt of TSX Venture Exchange acceptance. Millrock President & CEO Gregory Beischer commented, "For this strategic financing - which will be used to acquire several high-potential projects - we were approached by a group of financiers that have previously invested in Millrock. While we are cognizant of the dilution this strategic financing will cause, we believe that the property acquisitions that we intend to make with the proceeds of this financing will ultimately pay off for all Millrock shareholders."
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, southwest USA, and Mexico, 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. Millrock currently has numerous active exploration projects in Alaska, New Mexico and Mexico. Funding for drilling at Millrock's exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
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.
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Contact
Millrock Resources Inc.
Gregory A. Beischer, President & CEO
(907) 677-3599
(604) 638-3164
www.millrockresources.com