By Devika Patel
Knoxville, Tenn., Oct. 5 - Millrock Resources Inc. said it raised C$317,500 in the second tranche of a non-brokered 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.
The company is selling 7.5 million 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 and 1,587,500 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.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1.5 million
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Units: | 7.5 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | Aug. 31
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Settlement date: | Sept. 18 (for C$1,055,000), Oct. 5 (for C$317,500)
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Stock symbol: | TSX Venture: MRO
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Stock price: | C$0.21 at close Aug. 28
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Market capitalization: | C$7.24 million
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