Ms. Akiko Levinson reports
IRVING RESOURCES ANNOUNCES COMPLETION OF NON-BROKERED PRIVATE PLACEMENT
Irving Resources Inc. has raised gross proceeds of $2.6-million (U.S.) ($3,327,220) in a private placement with Sumitomo Corp. by the issuance of 2,705,056 common shares of the company at a purchase price of $1.23 per share. These shares are subject to a hold period in Canada expiring on Dec. 5, 2022.
The proceeds from this private placement will be allocated as follows:
- 70 per cent to finance exploration activities on Irving's Omu project and toward the purchase price for a drill rig; and
30 per cent to finance an exploration and development alliance previously formed with Sumitomo.
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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