Irving Resources Announces Closing of Non-Brokered Private Placement

Rhea-AI Summary

Irving Resources has successfully closed its oversubscribed non-brokered private placement, as previously announced on June 14, 2024. The company issued 2,740,000 units at a price of $0.40 per unit, raising gross proceeds of $1,096,000. Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant allows the holder to purchase an additional share at $0.55 over the next three years. All securities from the placement are subject to a hold period expiring on October 26, 2024. Finder's fees totaling $3,600 were paid for some of the subscriptions. Irving filed the material change report less than 21 days before closing as it was deemed prudent to complete the placement promptly.

Positive

• Irving Resources raised $1,096,000 through the oversubscribed private placement.
• Each unit was priced at $0.40, with warrants exercisable at $0.55 within three years.
• The private placement was completed ahead of schedule to capitalize on favorable conditions.

Negative

• Finder's fees totaled $3,600, which is an additional cost to the company.
• The securities are subject to a hold period until October 26, 2024, potentially limiting liquidity.

NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. WIRE SERVICES

VANCOUVER, BC / ACCESSWIRE / June 25, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce the closing of its oversubscribed non-brokered private placement (the "Private Placement") announced in the Company's news release of June 14, 2024.

Irving issued 2,740,000 units (each, a "Unit") under the Private Placement at a price of $0.40 per Unit to raise gross proceeds of $1,096,000. Each Unit is comprised of one common share of the Company (each, a "Share") and one-half of one transferable Share purchase warrant, with each whole Share purchase warrant entitling the holder to purchase one Share for a period of three years at a price of $0.55 per Share. All securities issued under the Private Placement are subject to a hold period expiring on October 26, 2024. Finder's fees in the aggregate amount of $3,600 were paid in respect of some of the subscriptions received under the Private Placement.

The material change report concerning the Private Placement was filed less than 21 days before the date of closing of the Private Placement. The Company believes that it was reasonable to do so on the basis that it was prudent to close the Private Placement at the earliest possible opportunity.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp.

Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
info@IRVresources.com

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE

SOURCE: Irving Resources Inc

View the original press release on accesswire.com

FAQ

What is the total amount raised in Irving Resources' private placement?

Irving Resources raised $1,096,000 in its oversubscribed non-brokered private placement.

What is the exercise price for the share purchase warrants in Irving Resources' private placement?

The exercise price for the share purchase warrants is $0.55 per share, valid for three years.

When do the securities issued in Irving Resources' private placement become tradable?

The securities issued in the private placement are subject to a hold period expiring on October 26, 2024.

What were the finder's fees for Irving Resources' private placement?

Finder's fees for the private placement totaled $3,600.