Millrock Resources (MRO-V) Sept 22, '14 announces that it plans to raise gross proceeds of up to $3,500,000 through the sale of 70,000,000 units priced at $0.05 per Unit. Each Unit consists of one common share and one share purchase warrant, with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.07 per share for a period of two years, and thereafter at a price of $0.10 per share for an additional period of three years. Millrock expects to pay finder's fees in connection with this financing. The securities issued under this financing will be subject to a hold period of four months from the closing date.
Millrock also announces that immediately following the closing of the financing, it will consolidate its stock on a 10:1 basis. Assuming no further share issuances except pursuant to the private placement announced in this news release, Millrock will have approximately 18,413,988 common shares issued and outstanding (approximately 29,959,588 on a fully diluted basis, excluding any finder's warrants paid in connection with this financing) immediately following the consolidation.
The financing and share consolidation are subject to final approval from the TSX Venture Exchange. Proceeds from the financing will be used for project generation, project marketing to partners and for general corporate purposes. Upon completion of the financing, the Company will have approximately $4.3 million in its treasury. |
