Irving Resources Completes Non-Brokered Private Placement with Strategic Investor Newmont Goldcorp Corporation
VANCOUVER, British Columbia, April 24, 2019 (GLOBE NEWSWIRE) -- Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce that is has closed the non-brokered equity private placement (the “Financing”) with Newmont Goldcorp Corporation (“Newmont Goldcorp”) announced on April 23, 2019. The Financing raised gross proceeds of US$6,000,000 by the issuance of 3,715,630 common shares of the Company at a price of US$1.6148 (approx. CDN$2.16) per common share.
The proceeds from the Financing will be used as follows: 1) US$5,400,000 for exploration on the Company’s Omu Project in Hokkaido, Japan, and 2) US$600,000 for the formation of an alliance between Irving, its Japanese subsidiary and Newmont Exploration Pty Ltd. (“Newmont Goldcorp Australia”), whereby the parties will work together to identify and, if designated by Newmont Goldcorp Australia, jointly exploit mineral exploration opportunities throughout Japan (the “Alliance”).
The common shares issued under the Financing will be subject to a four-month hold period and may not be traded in Canada until August 25, 2019 except in accordance with applicable securities laws.
“We are happy to close a strategic equity placement with Newmont Goldcorp,” commented Dr. Quinton Hennigh, director of Irving. “Initial indications from our 2019 Omu drill program look promising, and this funding will allow us to aggressively explore this exciting gold project. We look forward to working with Newmont Goldcorp Australia’s technical staff as we make Irving a formidable exploration company in 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 Japan Oil, Gas and Metals National Corporation (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.
President & Director
Some 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. Such factors include, without limitation, customary risks of the mineral resource exploration industry as well as Irving having sufficient cash to fund any planned drilling and other exploration activities.
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