Millrock Announces Close of Non-Brokered Private Placement
May 26, 2008
VANCOUVER, BRITISH COLUMBIA, May 26, 2008 - Millrock Resources Inc. (MRO - TSX:V) announces that it has closed the non-brokered private placement announced May 8, 2008 for gross proceeds of $2,750,250.
Millrock issued 11,001,000 units at $0.25 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 $0.50 until May 26, 2009 and at a price of $0.75 until May 26, 2010.
Finders' fees of 7% cash and/or shares and Finders Warrants ("FWts") were paid as follows: 0760953 BC Ltd. $44,290.00; Jennings Capital $14,000 and 56,000 FWts; PI Financial $5,250 and 21,000 FWts; Canaccord Capital Corp. $6,877.50, 55,440 common shares and 82,950 FWts; Wolverton Securities $29,225, 3,500 shares and 120,400 FWts; BMO Nesbitt Burns $1,400 and 5,600 FWts; Haywood Securities $48,125 and 192,500 FWts; Standard Securities $1,750 and 7,000 FWts; Bolder Investment Partners $19,250 and 77,000 FWts. Each finder warrant is exercisable into one common share at a price of $0.25 until May 26, 2009.
All of the securities issued hereunder are subject to a four month hold period and may not be traded until September 27, 2008.
Proceeds from the financing will be used for drilling and other exploration activities on the various properties in which the Company holds an interest.
Millrock Resources Inc. is a TSX Venture Exchange listed company intent upon the discovery of high value mineral deposits, with a focus on Alaska and Arizona. Millrock currently has five active exploration projects in Alaska, and three in Arizona. The Company plans to drill at two of its projects in Alaska in summer of 2008.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer
President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. 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 completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
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, BC V6C 3E1
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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