Non-brokered offering funds acquisitions, general corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 10 – Millrock Resources Inc. said it settled a C$1.33 million non-brokered private placement of units. The offer priced for C$700,000 on Nov. 20 and was increased to C$1.3 million on Dec. 1.
The company sold 8,321,509 units of one common share and one warrant at C$0.16 per unit.
Each four-year warrant is exercisable at C$0.22 until Dec. 10, 2016, at C$0.30 until Dec. 10, 2017 and at C$0.40 until Dec. 10, 2019. The strike prices are 15.79%, 57.9% and 110.53% premiums to the Nov. 4 closing share price of C$0.19.
Proceeds will be used for property acquisitions and general corporate purposes.
Sprott Global Investments Ltd. was paid a $35,000 finder's fee and received 218,250 finder's warrants; Red Plug Capital Corp. was paid a $19,880 finder's fee and received 124,250 finder's warrants; and Canaccord Genuity Corp. was paid a $224 finder's fee and received 1,400 finder's warrants.
Vancouver, B.C.-based Millrock is a project generator company focused on discovery and development of high value metallic mineral deposits.
| Issuer: | Millrock Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,331,441
|
| Units: | 8,321,509
|
| Price: | C$0.16
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Dec. 10, 2019
|
| Warrant strike price: | C$0.22 until Dec. 10, 2016, C$0.30 until Dec. 10, 2017 and C$0.40 until Dec. 10, 2019
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 20
|
| Upsized: | Dec. 1
|
| Settlement date: | Dec. 10
|
| Stock symbol: | TSX Venture: MRO
|
| Stock price: | C$0.19 at close Nov. 19
|
| Market capitalization: | C$3.82 million
|
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