|
News Release
Tranche One of
Non-Brokered Private Placement Closed
VANCOUVER, BRITISH
COLUMBIA, September 18, 2009 - Millrock
Resources Inc. (MRO - TSX:V)
announces that it has closed the first tranche of a non-brokered private
placement announced August 31, 2009 for gross proceeds of $1,055,000.
Millrock issued 5,275,000 units
at $0.20 per unit. Each unit is comprised of one common share and
one-half of one share purchase warrant with each whole warrant exercisable
into one additional common share at a price of $0.30 until March 17, 2011.
Finders' fees of 8% were paid on a portion of the financing as
follows: $72,000 cash and 360,000 finders' warrants were issued. Each
finder warrant is exercisable into one common share at a price of $0.30
until March 17, 2011.
The warrants and the finders' warrants include a provision for an
accelerated expiry date in the event that the closing price of the shares
on the Exchange exceeds $0.40 for 10 consecutive trading days.
All of the securities issued hereunder are subject to a four month
hold period and may not be traded until January 18, 2010.
About Millrock Resources Inc.
Millrock is TSX Venture Exchange listed company intent upon the
discovery of high value mineral deposits, with a focus on Alaska gold
deposits and Arizona copper-gold porphyries.. The Company follows a project
generator - joint venture business model that capitalizes on Millrock's
knowledge and ability in two outstanding mining jurisdictions. This model
shares risk by partnering with other companies that invest capital to move
exploration projects toward development and production. Millrock currently
has four active exploration projects in Alaska, and three in Arizona.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE
CONTACT
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place Vancouver, BC
V6C 3E1
|