Irving Resources Reports 2022 Grant of Stock Options

Rhea-AI Summary

Irving Resources has granted stock options for 1,795,000 common shares at an exercise price of $1.00 each to its directors, officers, employees, and consultants. These options have a three-year term, with one-third vesting every six months, achieving full vesting in 18 months. The company, focused on gold exploration in Japan, holds a Joint Exploration Agreement with Japan Oil, Gas and Metals National Corporation, enhancing its resource discovery potential.

Positive

• Granting of 1,795,000 stock options can incentivize performance and retention of key personnel.
• The stock options have a vesting schedule that promotes long-term commitment.

Negative

• An exercise price of $1.00 may indicate potential dilution of existing shareholders' equity.
• The focus on exploration carries inherent risks and uncertainties affecting profitability.

VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Irving Resources Inc. (CSE:IRV; OTCQX: IRVRF) (“Irving” or the “Company”) announces that pursuant to the Company’s stock option plan, it has granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of 1,795,000 common shares at an exercise price of $1.00 per share. The stock options have a term of three (3) years, with one-third of the grant vesting every six (6) months from grant day with full vesting in the first 18 months of the term.

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.

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

Akiko Levinson,
President, CEO & Director

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

FAQ

What is the stock option plan update for Irving Resources (IRVRF)?

Irving Resources announced the granting of 1,795,000 stock options at $1.00 with a three-year term.

How many shares were included in the stock option grant by Irving Resources?

The stock option grant included 1,795,000 common shares.

What is the exercise price for the stock options granted by Irving Resources (IRVRF)?

The exercise price for the stock options is set at $1.00 per share.

What is the vesting schedule for the stock options issued by Irving Resources?

The options vest one-third every six months, with full vesting achieved in 18 months.