Correction re Closing of Private Placement
October 11 2013 - 5:17PM
OTC Markets
VANCOUVER,
BRITISH COLUMBIA, October 11, 2013 - Millrock Resources Inc. (TSX-V: MRO) ("Millrock"
or ?the Company") makes a correction as to the number of
units reported in the news release dated October 9,
2013. The Company has
arranged and closed a non-brokered private placement whereby a
total of 6,700,000 units (not 7,600,000 units as previously
disclosed) at a price of $0.0675 per unit have been issued for
gross proceeds of $452,250. Each unit consists of one common
share of Millrock and one share purchase warrant (the ?Warrants?),
with each Warrant entitling the holder thereof to purchase one
additional common share at a price of $0.15 per share for a period
of five years until October 10, 2018.
The
private placement contains an acceleration clause whereby should
the shares of the Company trade at $0.21 or more for more than 30
consecutive trading days, the Company has the right to force
exercise of the share purchase warrants by providing notice to the
warrantholder. The
warrantholder will have 30 trading days to exercise the share
purchase warrants or they will be forfeited.
Proceeds from the
financing will be used for project generation and general corporate
purposes. The financing is subject to final approval from the
TSX Venture Exchange.
About Millrock
Resources Inc.
Millrock Resources Inc. is a premier project generator to the
mining industry. In
the search for world-class metallic mineral deposits in
mineral-rich Alaska and southwest USA, 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 and attendant
shareholder dilution taken on by most exploration
companies. Millrock
currently has ten active exploration projects, seven gold-copper
properties in Alaska, and three porphyry copper prospects in
Arizona. Funding for Millrock?s exploration projects primarily
comes from its joint venture partners. Business partners of Millrock
include some of the leading names in the mining industry: Teck,
First Quantum and Altius.
ON BEHALF OF THE
BOARD
?Gregory
Beischer?
Gregory Beischer, President & CEO
FOR FURTHER
INFORMATION PLEASE CONTACT:
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place
Vancouver, BC V6C 3E1
Some statements in this news release contain forward-looking
information including the statement that an initial exploration
program will be carried out on the Stellar project in August 2013.
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. It is not known whether the Miner
will exercise the ROFR.
"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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