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Irving Resources Inc
Symbol IRV
Shares Issued 61,874,516
Close 2022-06-20 C$ 0.96
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Irving Resources arranges private placements

2022-06-20 11:17 ET - News Release

Mr. Akiko Levinson reports

IRVING RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENTS

The investment agreement entered into between Irving Resources Inc. and Newmont Corp. in April, 2019, as amended, has been further amended such that the next private placement which Newmont has the right to require the company to undertake is now in the maximum amount of $4.4-million (U.S.). In addition, Newmont has the right to require the company to undertake a further private placement in the amount of $6-million (U.S.).

Irving also reports that Newmont has given notice of exercise of its right to proceed with the 2022 Newmont placement. These finances will be raised by the issuance of common shares of the company at a price equal to the volume-weighted average trading price for the 30 trading days immediately preceding the date on which Newmont delivered its exercise notice. The finances from the 2022 Newmont placement will be allocated as to 70 per cent toward exploration on Irving's Omu project in Hokkaido, Japan, and 30 per cent toward the alliance formed between Irving and an affiliate of Newmont to identify and, if designated by Newmont's affiliate, jointly exploit mineral exploration opportunities throughout Japan.

Irving also intends to concurrently undertake a non-brokered private placement of units to raise up to $3-million by the issuance of units at a price of $1 per unit. Each unit will consist of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one common share at a price of $1.60 for a period of three years. It is expected that the concurrent placement will close concurrently with the 2022 Newmont placement. The finances from the concurrent placement will be allocated toward exploration on the company's mineral resource projects and general working capital.

About Irving Resources Inc.

Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a joint exploration agreement with Japan Oil, Gas and Metals National Corp. (JOGMEC). JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.

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