Millrock Announces Increase in Non-Brokered Private Placement Financing
February 10 2020 - 2:17PM
Millrock Resources Inc. (TSXV:MRO) (“Millrock” or the “Company”)
reports it has increased the non-brokered private placement
announced on January 31, 2020. The financing will now consist of up
to 12,500,000 units (the “Units”) at a price of $0.12 per Unit, for
gross proceeds of up to $1,500,000. Each Unit will consist of
one common share of the Company and one share purchase warrant (the
“Unit Warrants”). Each Unit Warrant will entitle the holder to
purchase one additional common share of the Company at an
escalating exercise price as follows:
- 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.
The proceeds from the Offering will be used to advance
exploration on the Company’s current projects ($300,000), for
generation of new projects ($400,000), marketing of projects to
funding partners ($150,000) and the remainder 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.
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
recognized as the premier generative explorer in Alaska, holds
royalty interests in British Columbia, Canada and Sonora State,
Mexico and is a significant shareholder of junior explorer ArcWest
Exploration Inc. 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: EMX Royalty, Centerra
Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, Riverside,
PolarX and Resolution Minerals.
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.
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