Millrock
Closes Financing with Kinross Gold
VANCOUVER, BRITISH COLUMBIA, June 5, 2009 - Millrock
Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announces that
the private placement announced May 29, 2009 has closed. Millrock
has issued 2,187,500 units at CDN$0.16 per Unit to Kinross Gold Corporation
(K � TSX; KGC � NYSE) (�Kinross�). Each unit is comprised of one
Millrock common share and one-half of one share purchase warrant.
Each whole warrant may be exercised at a price of $0.21 cents until June 4,
2011. In the event that the closing price of Millrock�s common shares
on the TSX Venture Exchange exceeds $0.60 for 10 consecutive trading days,
Millrock may give notice to the holders of the Warrants that the Warrants
will expire if not exercised within 30 days of such notice.
Millrock reports that so long as Kinross holds
common shares representing at least 5% of the issued and outstanding common
shares of Millrock, Kinross shall be entitled (but not required) to participate
in any future issuances to third parties (other than certain issuances
including issuances pursuant to any stock-based compensation plan of
Millrock or, except where it would have the effect of diluting Kinross
below 5%, issuances related to the acquisition of an interest in mineral
properties or other assets) of shares or any securities convertible into,
exchangeable for or exercisable to acquire common shares, such that Kinross
will, following the completion of any such issuance, hold the same percentage
of common shares as Kinross held prior to such issuance.
All of the securities issued hereunder are subject
to a four month hold period and may not be traded until October 5, 2009.
About Millrock Resources Inc.
Millrock is a 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
FOR FURTHER INFORMATION PLEASE CONTACT
Patrick De Witt, Manager, Investor Relations
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place Vancouver, B.C
V6C 3E1
|