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Millrock Resources Announces Upsizing of Bought Deal and Concurrent Non-Brokered Private Placement Financings
VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or the “Company") reports that, due to overwhel
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO) (\"Millrock\" or the “Company\") reports that, due to overwhelming demand from its existing shareholder base, the bought deal and concurrent non-brokered private placements announced on February 23, 2021 have been upsized. The bought deal private placement being undertaken by REDPLUG Inc. (“REDPLUG”) as underwriter will now consist of 23,000,000 units of the Company (“Units”) at a price of $0.085 per Unit (the “Offering Price”) for aggregate gross proceeds of $1,955,000 (the “Bought Deal”). REDPLUG’s option to purchase for resale additional Units at the Offering Price, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Bought Deal, has been increased from up to 4,500,000 Units to up to 5,750,000 Units for aggregate gross proceeds to the Company of $488,750 in the event REDPLUG exercises this option in full (the “Over-Allotment Option”). The concurrent non-brokered private placement financing will now consist of 9,600,000 Units at the Offering Price for aggregate gross proceeds of $816,000 (the “Concurrent Non-Brokered Placement”). Each Unit will consist of one common share of the Company and one common share purchase warrant (the “Unit Warrants”). Each Unit Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.1275 per share for two years from the date of issuance. The gross proceeds from the Bought Deal and (if fully subscribed) the Concurrent Non-Brokered Placement in the aggregate amount of $2,771,000 will be used to advance exploration on the Company’s current projects in the following approximate amounts: $500,000 for exploration on current projects, $950,000 on generation of new projects, $150,000 for marketing of projects to funding partners, with the remainder for general corporate purposes. The Bought Deal and the Concurrent Non-Brokered Placement remain subject to TSX Venture Exchange approval. Millrock also clarifies that the record date in connection with the existing shareholder exemption provided for in British Columbia Instrument 45-534 and similar exemptions in other jurisdictions of Canada (the “Existing Shareholder Exemption”), is February 22, 2021 (the “Record Date”); to be eligible to subscribe under the Existing Sharehold...