VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 30, 2014) -
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Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") reports it has increased the non-brokered private placement announced on September 22, 2014. The Company has received strong interest from parties that, if their subscriptions are accepted in full by Millrock, will become "reporting insiders" as defined under National Instrument 55-104. The financing will now consist of up to 80,000,000 units at a price of $0.05 per unit for gross proceeds of up to $4,000,000. Each unit shall consist 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 $0.07 per share for a period of two years, and thereafter at a price of $0.10 per share for an additional period of three years. 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.
Proceeds from the financing will be used for project generation, project marketing to partners and for general corporate purposes. The financing is subject to approval of 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, 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 twenty-two active exploration projects, eight gold-copper and zinc properties in Alaska, a porphyry copper prospect in Arizona, a uranium project in New Mexico, and twelve gold, silver and copper projects in Mexico. Funding for 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
Forward-looking information
Some statements in this news release contain forward-looking information including the statement that the Company plans to complete an equity financing. 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 Company's ability to sell the Units to qualified investors and obtaining TSX Venture Exchange acceptance to the planned financing.
"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."