By Devika Patel
Knoxville, Tenn., Oct. 21 - Millrock Resources Inc. said it raised C$285,000 in the third and final tranche of a C$1.66 million non-brokered oversubscribed private placement of units.
The deal priced for up to C$1.5 million on Aug. 31, and the company raised C$1.06 million in the first tranche on Sept. 18 and C$317,500 in the second tranche on Oct. 5.
The company sold a total of 8,287,500 units of one common share and one half-share warrant at C$0.20 per unit. It sold 5,275,000 units in the first tranche, 1,587,500 units in the second tranche and 1,425,000 units in this one.
Each whole warrant will be exercisable at C$0.30 for 18 months.
Proceeds will be used to advance the company's Estelle gold project in Alaska and its Safford Arizona district copper-gold properties, to acquire other gold projects in Alaska and for general corporate purposes.
Millrock 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$1,657,500
|
| Units: | 8,287,500
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 18 (for C$1,055,000), Oct. 5 (for C$317,500), Oct. 21 (for C$285,000)
|
| Stock symbol: | TSX Venture: MRO
|
| Stock price: | C$0.21 at close Aug. 28
|
| Market capitalization: | C$8 million
|
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