Non-brokered deal sells 80.9 million units of one share and a warrant
By Devika Patel
Knoxville, Tenn., Oct. 23 – Millrock Resources Inc. said it completed a C$4.05 million non-brokered private placement of units. The deal priced for C$3.5 million on Sept. 22 and was increased to C$4 million on Sept. 30.
The company sold 80.9 million units of one common share and one warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.07 until Oct. 21, 2016 and then at C$0.10 until Oct. 21, 2019. The strike prices are 40% and 100% premiums to the Sept. 19 closing share price of C$0.05.
Global Market Development LLC was paid a finder’s fee.
Proceeds will be used for project generation, project marketing to partners and for general corporate purposes.
The copper, gold and uranium exploration company is based in Vancouver, B.C.
| Issuer: | Millrock Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4,045,000
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| Units: | 80.9 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Oct. 21, 2019
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| Warrant strike price: | C$0.07 until Oct. 21, 2016, C$0.10 until Oct. 21, 2019
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 22
|
| Upsized: | Sept. 30
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| Settlement date: | Oct. 23
|
| Stock symbol: | TSX Venture: MRO
|
| Stock price: | C$0.05 at close Sept. 19
|
| Market capitalization: | C$5.14 million
|
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