RE: RE: maybe they are waiting for Kinross-Millrock Resources Announces That Kinross Increases Its Stake in the Company
4/6/2010 11:17:50 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Apr 06, 2010 (MARKETWIRE via COMTEX News Network) --
Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or the "Company") announced today that Kinross Gold Corporation (TSX: K)(NYSE: KGC) ("Kinross") has made a private placement financing of C$250,000 in which Kinross has purchased 841,042 shares of the Company at C
.29725. The price reflects the 20-day moving average of Millrock's share price as of March 31, 2010. The financing is subject to TSX-V approval. With the completion of this financing Kinross now owns 3,028,542 Millrock shares, representing approximately 6.4% of the total issued and outstanding shares of the Company. The financing is in connection with the recently announced option to joint venture agreement between the two companies, concerning the Council gold property in western Alaska. By the terms of the option agreement Kinross had 60 days within which to make the private placement, but elected to move immediately to make the share purchase. From a prior financing arrangement Kinross holds 1,093,750 share purchase warrants at C
.21 that may be exercised prior to June 4, 2011 and an anti-dilution right to participate in future financings.