VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2015) -
Not for distribution to United States Newswire Services or for dissemination in the United States.
Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") reports it has increased the non-brokered private placement announced on November 20, 2015. The financing will now consist of up to 8,125,000 units (the "Units") at a price of $0.16 per Unit, for gross proceeds of up to $1,300,000. Each Unit shall consist of one common share of Millrock and one share purchase warrant (the "Warrants"). Each Warrant will entitle the holder thereof 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.
Proceeds from the financing will be used for a series of specific property acquisitions 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 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.
"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."