Millrock Announces Effective Date of Name Change to Alaska Energy Metals Corporation

VANCOUVER, British Columbia, March 21, 2023 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to announce that it has received approval from the TSX Venture Exchange to change the Company’s name to “Alaska Energy Metals Corporation” (the “Name Change”) and to consolidate the Company’s outstanding common shares on the basis of one new common share for every ten common shares (the “Consolidation”).

The Name Change and Consolidation will take effect at the start of trading on March 22, 2023, and the Company will trade under the symbol AEMC. Alaska Energy Metals Corporation intends to focus all its efforts on the Nikolai project in central Alaska, a highly prospective polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, and palladium.

As a result of the Consolidation, the 156,172,394 common shares issued and outstanding prior to the Consolidation will be reduced to approximately 15,617,239 common shares. Each shareholder’s percentage ownership in the Company and proportionate voting power will remain unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional common shares.

In connection with the Consolidation, the Company expects to send letters of transmittal to registered holders of its common shares for use in transmitting their existing share certificates (“Existing Certificates”) to the Company’s registrar and transfer agent, Computershare Trust Company of Canada, in exchange for new certificates (“New Certificates”) representing the number of post-Consolidation common shares to which each shareholder is entitled.

No delivery of a New Certificate to a shareholder will be made until the shareholder has surrendered its Existing Certificates. Until surrendered, each Existing Certificate shall be deemed for all purposes to represent the number of post-Consolidation common shares to which the holder is entitled.

About Alaska Energy Metals
Alaska Energy Metals Corporation will be focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, and palladium. Located in development-friendly central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals. The Company intends to delineate a major metal resource by the end of 2024.

“Gregory Beischer”
Gregory Beischer, President & CEO

Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the Company’s successful realization of adequate financing to explore and develop the Nikolai project and to achieve milestones successfully. The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals are conceptual in nature. There has been insufficient exploration drilling to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Company has stated its intention to liquidate non-core assets, but there is no assurance that it will be successful in doing so. All 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. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.