Millrock Announces Increase in Non-Brokered Private Placement
NR #12-‐19
Not for dissemination in the United States or through U.S. newswires
MILLROCK ANNOUNCES INCREASE IN NON-BROKERED PRIVATE PLACEMENT
VANCOUVER, BRITISH COLUMBIA, October 30, 2012 – Millrock Resources Inc. (MRO – TSX:V) reports it has increased the non-brokered private placement announced on October 23, 2012. The financing will now consist of up to 8,800,000 units at a price of $0.25 per unit for gross proceeds of up to $2,200,000. Each unit shall consist of one common share of Millrock and one share purchase warrant (the “Warrants”), with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.35 per share for a period of three years from the closing date. The increase was done in order to include a further investment from Altius Resources Inc. (“Altius”). By virtue of the strategic alliance between the companies Altius has elected to exercise its anti-dilution right. Additionally the financing has been increased to include one more strategic investor.
Finder’s fees of 7% cash and 7% finder’s warrants (“Finder’s Warrants”) may become payable in connection with this private placement. The Finder’s Warrants will entitle the holder thereof to purchase units at an exercise price of $0.25 for a period of three years, the units having the same terms as described above.
Proceeds from the financing will be used for project marketing, generation of new projects and general corporate purposes. The financing is subject to approval from the TSX Venture Exchange.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for worldclass gold and copper deposits in mineral rich Alaska and Arizona, 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 and attendant shareholder dilution taken on by most exploration companies. Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock is on track to carry out exploration programs with a total value of more than US$11 million in 2012. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorer Crescent Resources.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT
Gregory A. Beischer (604) 638-3164 Millrock Resources Inc.
750 World Trade Centre
750 World Trade Centre | 999 Canada Place | Vancouver, BC V6C 3E1 Tel: 604 638 3164 | Fax: 604 688 9620 | www.millrockresources.com 999 Canada Place Vancouver, BC V6C 3E1
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."