Thursday, October 22, 2009
Millrock Resources closes final tranche of private placement
It has been a reasonably good run for gold companies as gold continued to inch up in response to the US dollar weakness. Gold companies have taken numerous steps to expand their resource estimates. However, only those with sound investment cases have been successful in securing finances to fund their expansion endeavours.
The recent success by Canadian Venture listed Millrock (TSX.V: MRO) in closing the final tranche of a non-brokered private placement ushers confidence in its projects and their development activities. The financing was oversubscribed and Millrock raised a total of $1,657,500.
Focused on the development of gold and copper projects, Millrock currently has four active exploration projects in Alaska, and three in Arizona. Geographical dispersion of its assets has enabled Millrock year-round development activity and the company has indeed been busy with its projects. The company’s Alaskan assets provide exposure predominantly to gold, and have been the main focus last few months.
In this third tranche, Millrock issued 1,425,000 units at $0.20 per unit for gross proceeds of $285,000. Each unit is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.30 until April 21, 2011.
All of the securities issued hereunder are subject to a four month hold period and may not be traded until February 22, 2010.
About Millrock Resources Inc.
Millrock is focused on the discovery of high value mineral deposits, with a focus on Alaska gold deposits and Arizona copper-gold porphyries. The Company follows a project generator - joint venture business model that capitalizes on Millrock's knowledge and ability in two outstanding mining jurisdictions. This model shares risk by partnering with other companies that invest capital to move exploration projects toward development and production.
by Sam Kiri