Millrock Resources Inc. (TSX-V: MRO) (OTCQB: MLRKF) reports that it has sold a portfolio of royalties on exploration projects in British Columbia, Canada and Sonora State, Mexico to Osisko Gold Royalties Ltd. Gross proceeds from the sale are $1.2 million.
Millrock President & CEO, Gregory Beischer, commented: “Prevailing market challenges make an equity financing difficult and raising capital in this manner would be highly dilutive to shareholders. Sale of non-core assets is the best way to bolster Millrock’s treasury for continued project generation activities, while we wait for assay results to roll out from two major Alaska gold drilling projects in which Millrock holds an interest.”
|British Columbia Royalties|
|Todd Creek||1.5% to 2.0%|
|Oweegee Dome||1.5% to 2.0%|
|Willoughby||1.5% to 2.0%|
Table 1. Royalties sold to Osisko for $1.2 million.
The right to any proceeds stemming from the exercise of any royalty buy backs pertaining to the British Columbia royalty properties has been assigned to Osisko. Additionally, Millrock has granted certain rights to Osisko in relation to royalties currently held, or that may be created, by Millrock during the next five years.
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, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold 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, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.
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We acknowledge the [financial] support of the Government of Canada.