VANCOUVER, BRITISH COLUMBIA, May 31, 2016 – Millrock Resources Inc. (TSX-V: MRO) reports that the final portion of the non-brokered private placement announced on May 4, 2016 has closed and a total of 10,670,660 Units at a price of $0.29 per Unit were issued for gross proceeds of $3,094,491.40. The Company raised a grand total of $3,596,191.40 in this financing. Each Unit consisted of one common share and one share purchase warrant (a “Warrant”) entitling the holder to purchase one additional common share for $0.44 until May 25, 2019.
In Tranche 2, Finder’s fees were paid as follows: $17,922 and 61,800 Finder’s Warrants were paid to Sprott Private Wealth LP, $105,262 and 362,973 Finder’s Warrants were paid to Sprott Global Resource Investments, Ltd. and $6,090 and 21,000 Finder’s Warrants were paid to Red Plug Capital Corp. Each Finder’s Warrant entitles the Finder to purchase one additional common share for $0.29 for two years from the Closing Date.
The common shares, Warrants and all common shares issuable upon exercise of Warrants and Finder’s Warrants issued in connection with this tranche of the private placement are subject to a four month hold period and may not be traded until October 1, 2016.
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 active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, Newcrest Gold, First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Melanee Henderson, Investor Relations
Phone: (604) 638-3164
Toll Free: (877) 217-8978
mhenderson@millrockresources.com
Millrock Resources Inc.
800 – 789 West Pender Street
Vancouver, BC V6C 1H2
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."