Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

May 08, 2008 11:01 ET

Millrock Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Millrock Resources Inc. (TSX VENTURE:MRO) intends to complete a non-brokered private placement consisting of up to 10,000,000 units at a price of $0.25 per unit for gross proceeds of up to $2,500,000. Each unit shall consist of one common share of Millrock and one-half of one share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share at a price of $0.50 for a period of twelve months from the closing date and at a price of $0.75 for the following twelve months.

Finders fees of 7% of the units sold may be payable in shares or cash on a portion of the financing to finders who assist in the placement, as permitted under applicable securities laws. In addition, any brokerage firms participating as finders may receive, as additional compensation, non-transferable share purchase warrants entitling the holder thereof to purchase such number of common shares in the capital of Millrock that equals an aggregate of 7% of the number of units sold by the brokerage firm (the "Broker's Warrants). Each such Broker's Warrant shall entitle the holder thereof to purchase one additional common share at a price of $0.25 for a period of twelve months from the closing date.

Proceeds from the financing will be used for drilling and other exploration activities primarily at the Company's Divide and Estelle projects. The Company believes it can outline near surface gold mineralization at its Divide project near Nome, Alaska. At Estelle, Millrock will drill test surface gold mineralization at a target that has many similar characteristics to Donlin Creek, a 30+ million ounce gold deposit in western Alaska.

About Millrock Resources Inc.

Millrock Resources Inc. is a TSX Venture Exchange listed company intent upon the discovery of high value mineral deposits, with a focus on Alaska and Arizona. Millrock currently has five active exploration projects in Alaska, and two in Arizona.

ON BEHALF OF THE BOARD

Gregory Beischer, President & CEO

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Millrock Resources Inc.
    Patrick De Witt
    Manager, Investor Relations
    (604) 638-3164
    (604) 688-9620 (FAX)
    Website: www.millrockresources.com