Millrock Closes Financing with Kinross Gold
June 5, 2009
VANCOUVER, BRITISH COLUMBIA, June 5, 2009 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announces that the private placement announced May 29, 2009 has closed. Millrock has issued 2,187,500 units at CDN$0.16 per Unit to Kinross Gold Corporation (K - TSX; KGC - NYSE) ("Kinross"). Each unit is comprised of one Millrock common share and one-half of one share purchase warrant. Each whole warrant may be exercised at a price of $0.21 cents until June 4, 2011. In the event that the closing price of Millrock's common shares on the TSX Venture Exchange exceeds $0.60 for 10 consecutive trading days, Millrock may give notice to the holders of the Warrants that the Warrants will expire if not exercised within 30 days of such notice.
Millrock reports that so long as Kinross holds common shares representing at least 5% of the issued and outstanding common shares of Millrock, Kinross shall be entitled (but not required) to participate in any future issuances to third parties (other than certain issuances including issuances pursuant to any stock-based compensation plan of Millrock or, except where it would have the effect of diluting Kinross below 5%, issuances related to the acquisition of an interest in mineral properties or other assets) of shares or any securities convertible into, exchangeable for or exercisable to acquire common shares, such that Kinross will, following the completion of any such issuance, hold the same percentage of common shares as Kinross held prior to such issuance.
All of the securities issued hereunder are subject to a four month hold period and may not be traded until October 5, 2009.
About Millrock Resources Inc.
Millrock is a 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
Patrick De Witt, Manager, Investor Relations
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place Vancouver, B.C
V6C 3E1
"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."
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