Millrock Closes Tranche 2 of Private Placement
07 9월 2019 - 2:33AM
Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or “the Company")
reports the non-brokered private placement announced on July 10,
2019 has been completed and was over-subscribed. A total of
7,675,667 units at a price of $0.075 per unit have been issued in
Tranche 2 for gross proceeds of $575,675.03, bringing total gross
proceeds raised in the financing to $1,577,474.86. Each unit
consists of one common share of Millrock and one share purchase
warrant (the “Unit Warrants”). Each Unit Warrant entitles the
holder to purchase one additional common share at an escalating
exercise price as follows:
- Until December 14, 2019, the Unit Warrants will be exercisable
at $0.14 per share;
- Thereafter, until December 14, 2020, the Unit Warrants will be
exercisable at $0.17 per share; and
- Thereafter, until December 14, 2021, the Unit Warrants will be
exercisable at $0.20 per share.
Finder’s fees have been paid as follows in connection with
Tranche 2 of the financing: $24,302.25 and 324,030 Finder’s
Warrants to Redplug Inc.; $108,750 and 101,500 Finder’s Warrants to
Haywood Securities Inc.
The common shares issued under this portion of the financing and
any common shares issued pursuant to exercise of Unit Warrants or
Finder’s Warrants are subject to a hold period and may not be
traded until January 7, 2020.
The net proceeds from the Offering will be used to advance
exploration and secure drilling permits at the West Pogo project
(as to 30% of the net proceeds raised), for generation of new
projects and funding partners (as to 40% of the net proceeds
raised) and for general corporate purposes (as to 30% of the net
proceeds raised).. The financing is subject to final approval
from the TSX Venture Exchange.
About Millrock Resources Inc.Millrock Resources
Inc. is a premier project generator to the mining industry.
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. The company is active in Alaska and
Sonora State, Mexico. Funding for drilling at Millrock’s
exploration projects is primarily provided by its joint venture
partners. Business partners of Millrock have included some of
the leading names in the mining industry: Centerra Gold, First
Quantum, Teck, Kinross, Vale, Inmet, EMX Royalty, Altius, and
Riverside. Millrock is a major shareholder of junior explorer
ArcWest Exploration, and holds a portfolio of exploration-stage
project royalties in Mexico, British Columbia and Alaska.
ON BEHALF OF THE BOARD“Gregory Beischer”Gregory
Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations (604) 638-3164 (877) 217-8978
(toll-free)
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.
Such factors include without limitation the receipt of TSX Venture
Exchange acceptance and completion of the Offering.
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL
OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF THE
COMPANY IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH
ANY SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL. THE
SECURITIES TO BE OFFERED UNDER THE OFFERING HAVE NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE 1933 ACT OR ANY STATE SECURITIES LAWS,
AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S.
PERSONS (AS THAT TERM IS DEFINED IN REGULATION S UNDER THE 1933
ACT) EXCEPT IN TRANSACTIONS EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND APPLICABLE STATE SECURITIES
LAWS.
Millrock Resources (TSXV:MRO)
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Millrock Resources (TSXV:MRO)
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