VANCOUVER, British Columbia, April 25, 2019 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock" or the “Company”) reports it has closed the private placement with EMX Royalty Corporation announced on April 24, 2019. A total of 7,142,857 units at a price of $0.14 per unit have been issued for gross proceeds of $1,000,000. Each unit consisted of one common share of Millrock (a “Unit Share”) and one share purchase warrant (a “Warrant”).
Each Warrant entitles the holder to purchase one additional common share of Millrock until December 14, 2021 at an escalating exercise price ($0.14 until December 14, 2019; $0.17 from December 15, 2019 until December 14, 2020; and $0.20 from December 15, 2020 until December 14, 2021). The Warrants also contain an accelerated exercise provision. If Millrock’s shares have traded at or above $0.20 per share for 20 consecutive trading days, Millrock may give notice that the Warrants will expire if not exercised within 30 days of receipt of such notice by EMX.
The common shares issued under the Private Placement and any common shares issued pursuant to exercise of Warrants are subject to a hold period and may not be traded until August 26, 2019. The Private Placement includes a further restriction on resale on half of the Unit Shares until the first anniversary of the investment, and an anti-dilution clause entitling EMX to subscribe for additional shares in any future financings to maintain its existing percentage ownership of Millrock.
A portion of the proceeds from the Private Placement will be used for land acquisition and exploration in the Goodpaster Mining District, Alaska, and another portion will be used for general corporate purposes.
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, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer ArcWest Exploration Inc. and holds a portfolio of exploration project royalty interests.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(877) 217-8978 (toll-free)
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, management’s expectation that it will acquire further mineral rights and advance exploration in the Goodpaster Mining District and that it is expected that further gold deposits will be discovered in the Goodpaster Mining District. 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, Millrock’s ability to raise funds needed to perform additional exploration, the results of further exploration and development of the Goodpaster Mining District projects and customary risks of the resource industry.