VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 23, 2014) - Millrock Resources Inc. (TSX VENTURE:MRO) reports the non-brokered private placement announced on September 22, 2014 has closed and a total of 80,900,000 Units at a price of $0.05 per Unit have been issued for gross proceeds of $4,045,000. 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 $0.07 per share until October 21, 2016, and thereafter at a price of $0.10 per share until October 21, 2019.
Finder's fees were paid as follows: $171,200 and 4,280,000 non-transferable Finder's Options have been paid to Global Market Development LLC; $17,520 and 350,400 non-transferable Finder's Warrants have been paid to Red Plug Capital Corp. The Finder's Options entitle the Finder to purchase Units at $0.05 until October 21, 2019. The Finder's Warrants have the same terms as the Warrants except that they are non-transferable.
All securities issued in connection with this private placement, and all securities issued upon exercise of those securities, are subject to a four month hold period and may not be traded until February 23, 2015.
Millrock also reports that the share consolidation announced in its news release of September 22, 2014 will be effected on October 24, 2014. Millrock's name and trading symbol will remain the same. Its new CUSIP number will be 601132202.
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 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
"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."