13:51:28 EDT Sat 08 Aug 2020
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or Name

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Irving Resources Inc
Symbol IRV
Shares Issued 53,393,994
Close 2020-02-12 C$ 3.82
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Irving Resources arranges $4M (U.S.) private placement

2020-02-13 13:22 ET - News Release

Mr. Akiko Levinson reports


Irving Resources Inc. has amended the investment agreement entered into in April, 2019, between Irving and Newmont Corp. (please refer to the company's news release of April 23, 2019), such that the two additional private placements which Newmont has the right to require the company to undertake are now in the amounts of $4-million (U.S.) as to the first additional private placement and $2-million (U.S.) (which may be increased to $3-million (U.S.) at Newmont's option) as to the second additional private placement.

In addition, Newmont has given notice of exercise of its right to proceed with the first additional private placement in the amount of $4-million (U.S.). These funds 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 of Newmont giving its exercise notice.

The funds from this private placement will be allocated as to $3.6-million (U.S.) toward exploration on the company's Omu project in Hokkaido, Japan, and $400,000 (U.S.) 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.

About Irving Resources Inc.

Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a project venture agreement with JOGMEC for joint regional exploration programs in the Republic of Malawi.

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