VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 7, 2007) - First Factor Developments Inc. (NEX:FFD.H) reports that the TSX Venture Exchange has accepted for filing the company's change of business announced in its news release of April 3, 2007. The Exchange has informed the company that its shares will commence trading on the TSX Venture Exchange under the trading symbol "FFD", effective at market open on Wednesday, August 8, 2007.
First Factor also reports the closing of a non-brokered private placement which raised gross proceeds of $1.125 million by the issuance of 2.5 million units at $0.45 each. Each unit consists of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one common share for a period of two years at a price of $0.75 in the first year and $1.00 in the second. The funds from the sale of the units will be used to carry out the first year of exploration at the Inmachuk property in Alaska, to make other mineral property acquisitions, and for general corporate purposes. Finders' fees of $61,950 cash and one year warrants for the purchase of a total of 137,667 common shares at a price of $0.45 each are payable in respect of this private placement.
All of the securities issued in connection with the private placement, and the initial payment shares issued under the Inmachuk property option agreement, are subject to a hold period expiring on December 7, 2007.
First Factor is also pleased to announce that, following receipt of shareholder approval at its annual meeting, it is proceeding this month with the change of the company's name to Millrock Resources Inc. Finally, the company reports that it has granted stock options entitling an officer and a management company employee to purchase, for a period of five years, a total of 125,000 common shares at a price of $0.45 each.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Gregory Beischer, President & CEO
(604) 638-3164
Toll Free: (877) 217-8978
First Factor Developments Inc.
750 World Trade Centre - 999 Canada Place
Vancouver, BC V6C 3E1
Canada
FORWARD LOOKING STATEMENTS
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 completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
"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."