By Devika Patel
Knoxville, Tenn., May 8- Millrock Resources Inc. said it has arranged a non-brokered private placement of units to raise up to C$2.5 million.
The company will sell up to 10 million units of one common share and one half-share warrant at C$0.25 per unit.
Each whole two-year warrant will be exercisable at C$0.50 for the first year and C$0.75 thereafter.
The company may pay a 7% finder's fee in shares or cash on a portion of the financing, and participating brokerage firms may receive non-transferable share purchase warrants exercisable for a number of common shares equal to 7% of the units sold by the firm. Each broker's warrant is exercisable at C$0.25 for one year.
Proceeds will be used for drilling and exploration.
Millrock, formerly known as First Factor Developments Inc., is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Millrock Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 10 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50 (first year); C$0.75 (second year)
|
| Agent: | Non-brokered
|
| Fees: | 7% in cash or common shares; broker's warrants
|
| Pricing date: | May 8
|
| Stock symbol: | TSX Venture: MRO
|
| Stock price: | C$0.27 at close May 7
|
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