Business
Millrock Resources Closes Tranche 2 of Private Placement
VANCOUVER, British Columbia, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or “the Company") reports the non-brokered priv
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO) (\"Millrock\" or “the Company\") reports the non-brokered private placement announced on July 10, 2019 has been completed and was over-subscribed. A total of 7,675,667 units at a price of $0.075 per unit have been issued in Tranche 2 for gross proceeds of $575,675.03, bringing total gross proceeds raised in the financing to $1,577,474.86. Each unit consists of one common share of Millrock and one share purchase warrant (the “Unit Warrants”). Each Unit Warrant entitles the holder to purchase one additional common share at an escalating exercise price as follows: Until December 14, 2019, the Unit Warrants will be exercisable at $0.14 per share; Thereafter, until December 14, 2020, the Unit Warrants will be exercisable at $0.17 per share; and Thereafter, until December 14, 2021, the Unit Warrants will be exercisable at $0.20 per share. Finder’s fees have been paid as follows in connection with Tranche 2 of the financing: $24,302.25 and 324,030 Finder’s Warrants to Redplug Inc.; $108,750 and 101,500 Finder’s Warrants to Haywood Securities Inc. The common shares issued under this portion of the financing and any common shares issued pursuant to exercise of Unit Warrants or Finder’s Warrants are subject to a hold period and may not be traded until January 7, 2020. The net proceeds from the Offering will be used to advance exploration and secure drilling permits at the West Pogo project (as to 30% of the net proceeds raised), for generation of new projects and funding partners (as to 40% of the net proceeds raised) and for general corporate purposes (as to 30% of the net proceeds raised).. 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. 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 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 nam...