Irving Resources Reports Closing of Non-Brokered Private Placement with Strategic Investor
VANCOUVER, British Columbia, Feb. 20, 2020 (GLOBE NEWSWIRE) — Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) reports that the private placement with Newmont Corporation (“Newmont”) announced in the Company’s news release of February 13, 2020 has closed. Gross proceeds of US$4,000,000 (approximately CDN$5,266,800) were raised through the issuance of 1,400,744 common shares of Irving. The shares issued in this private placement are subject to a hold period in Canada expiring on June 20, 2020.
The funds from this private placement have been allocated as to US$3,600,000 towards exploration on the Company’s Omu project in Hokkaido, Japan and US$400,000 towards 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 Republic of Malawi. 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 & DirectorFor further information, please contact:
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
[email protected]THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.Forward-looking informationSome statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements and in this news release include, without limitation, as to the intended use of proceeds from the current private placement. Such factors include, without limitation, customary risks of the mineral resource exploration industry.