Millrock Announces Closing of Bought Deal and Concurrent Non-Brokered Private Placements
08 März 2021 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO) ("
Millrock"
or the “
Company") reports that the upsized bought
deal (underwritten by REDPLUG Inc.) and concurrent non-brokered
private placements reported in the Company’s news releases of
February 23 and March 2, 2021 (together, the
“
Financings”) have closed.
Gross proceeds totaling $3,146,434.80 were
raised by the Company’s issuance of 37,016,880 units
(“Units”) at a price of $0.085 per Unit (the
“Offering Price”), including 4,311,000 Units
issued pursuant to REDPLUG Inc.’s exercise of the over-allotment
option. Each Unit consists of one common share of the Company and
one common share purchase warrant (the “Unit
Warrants”). Each Unit Warrant entitles the holder to
purchase one additional common share of the Company at a price of
$0.1275 per share for two years from the date of issuance.
Millrock President & CEO Gregory Beischer
commented: “We were very pleased to have received such strong
support from our existing shareholder base in this financing and we
welcome new shareholders. The funds we have raised will be put to
good use for generation of new projects. While gold will still be a
focus commodity, we are looking to expand our portfolio with
greater emphasis on copper, nickel, and a variety of other critical
and strategic metals. Generative efforts in the past 18 months have
led to some excellent funding partnerships with earn-in companies.
The coming year will see a lot of drilling on Millrock controlled
projects. We will be hoping to make the transformative discovery
that will result in the share price appreciation we all want to
see.”
Officers and directors of Millrock subscribed
for a total of 1,300,880 Units in the financing. These
subscriptions constitute “related party” transactions within the
meaning of Multilateral Instrument 61-101 Protection of Minority
Security Holders in Special Transactions. However, these
subscriptions are exempt from the formal valuation and minority
shareholder approval requirements pursuant to sections 5.5(a) and
5.7(1)(a), respectively, of MI 61-101, as neither the fair market
value of the securities issued to the participating officers and
directors, nor the fair market value of the consideration paid,
exceeds 25% of Millrock’s market capitalization.
REDPLUG Inc. was paid a cash commission of
$148,971.85 and was issued non-transferable broker warrants for the
purchase, at the Offering Price, of 2,184,880 Units (the “Broker
Warrants”). Each Broker Warrant is exercisable for two years from
the date of issuance. Finder’s fees consisting of cash and
non-transferable finder warrants (the “Finder Warrants”) were paid
to the following: Canaccord Genuity Corp. $5,176.50 and 32,900
Finder Warrants; Haywood Securities Inc. $27,072.50 and 84,000
Finder Warrants; Echelon Wealth Partners $4,760; GloRes Securities
Inc. $5,598.95; Sightline Wealth Management $3,391.50 and Sprott
Capital Partners LP $680. Finder Warrants have the same terms as
the Unit Warrants.
The securities issued in connection with the
Financings are subject to a hold period expiring on July 9, 2021.
The Financings remain subject to final TSX Venture Exchange
acceptance.
About REDPLUG Inc.REDPLUG Inc.
is a registered exempt market dealer specializing in private
placements in the junior resource sector, with a primary focus on
silver, gold, platinum, and palladium. REDPLUG’s accredited
investor clients are building positions in well-managed,
insider-owned, resource companies including: prospect generators,
advanced explorers, resource developers, and near-term producers.
Visit REDPLUG.com or call 1-844-RED-PLUG.
About Millrock Resources
Inc.Millrock Resources Inc. is a premier project generator
to the mining industry. 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 taken on by most exploration companies. The
Company is recognized as the premier generative explorer in Alaska,
holds royalty interests in British Columbia, Canada, and Sonora
State, Mexico, and is a significant shareholder of junior explorer
ArcWest Exploration Inc. and of Resolution Minerals Limited.
Funding for drilling at Millrock’s exploration projects is
primarily provided by its joint venture partners. Business
partners of Millrock have included some of the leading names in the
mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck,
Kinross, Vale, Inmet and Altius as well as junior explorers
Resolution, Riverside, PolarX, and Felix Gold.
ON BEHALF OF THE BOARD“Gregory
Beischer”Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:Melanee
Henderson, Investor RelationsToll-Free: 877-217-8978 | Local:
604-638-3164Twitter | Facebook | LinkedIn
The securities described herein have not
been registered under the U.S. Securities Act of 1933, as amended
(the “U.S. Securities Act”), or any state securities laws, and may
not be offered or sold in the United States except in compliance
with the registration requirements of the U.S. Securities Act and
applicable states securities requirements or pursuant to exemptions
therefrom. This news release shall not constitute an offer to sell
or a solicitation of an offer to buy securities in any
jurisdiction.
Millrock Resources (TSXV:MRO)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Millrock Resources (TSXV:MRO)
Historical Stock Chart
Von Dez 2023 bis Dez 2024