News Release
Millrock Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA,
August 31, 2009 - Millrock Resources Inc. (MRO - TSX:V) (�Millrock� or
the �Company�) intends to complete a non-brokered private placement
consisting of up to 7,500,000 units at a price of $0.20 per unit for gross
proceeds of up to $1,500,000. Each unit shall consist of one common
share of Millrock and one-half of one share purchase warrant, each whole
warrant entitling the holder thereof to purchase one additional common share
at a price of $0.30 for a period of eighteen months from the closing date.
The warrant certificates will include a provision for an accelerated expiry
date in the event that the closing price of the Shares on the Exchange
exceeds $0.40 for 10 consecutive trading days.
Finder's fees of 8% of the units sold may be
payable in shares or cash on a portion of the financing to finders who
assist in the placement, as permitted under applicable securities laws. In
addition, any brokerage firms participating as finders may receive, as
additional compensation, non-transferable share purchase warrants entitling
the holder thereof to purchase such number of common shares in the capital
of Millrock that equals an aggregate of 8% of the number of units sold by
the brokerage firm (the "Broker's Warrants). Each such Broker's
Warrant shall entitle the holder thereof to purchase one additional common
share at a price of $0.30 for a period of eighteen months from the closing
date. Broker's Warrants will also have an accelerated expiry date provision.
Proceeds from the financing will be used to
advance the Company's Estelle gold project in Alaska, its Safford Arizona
district copper-gold properties and for acquisition of other gold projects
in Alaska, as well as general corporate purposes.
About Millrock Resources Inc.
Millrock is TSX Venture Exchange listed company
intent upon the discovery of high value mineral deposits, with a focus on
Alaska gold deposits and Arizona copper-gold porphyries. The Company
follows a project generator - joint venture business model that capitalizes
on Millrock's knowledge and ability in two outstanding mining
jurisdictions. This model shares risk by partnering with other companies
that invest capital to move exploration projects toward development and
production. Millrock currently has four active exploration projects in
Alaska, and three in Arizona.
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
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place Vancouver, BC
V6C 3E1
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