Irving Resources Inc. (CSE:IRV) (OTCQX: IRVRF) is pleased to announce the closing of its private placement with Newmont Corporation and concurrent private placement of units both announced in the Company’s news release of June 20, 2022.
Newmont invested US$4,400,000 by way of the issuance of 4,577,788 common shares of the Company at a purchase price of C$1.23 per share.
In addition, gross proceeds of C$2,974,540 were raised under the Unit Placement by the issuance of 2,974,540 units at a price of C$1.00 per Unit. Each Unit is comprised of one common share of the Company and one-half of a share purchase warrant. Each whole Warrant is exercisable for one common share of the Company at a price of C$1.60 per share for a period of three years. Cash finder’s fees totaling C$29,400 were paid in connection with the Unit Placement.
Irving welcomes Crescat Portfolio Management LLC, an investment manager in the United States, as lead strategic investor in the Unit Placement. Crescat’s C$1 million investment, together with Newmont’s continuing financial support, places Irving in a strong position to advance its exploration programs.
All securities issued in the 2022 Newmont Placement and the Unit Placement are subject to a hold period in Canada expiring on November 13, 2022.
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 Corporation (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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We acknowledge the [financial] support of the Government of Canada.