- Irving Resources (IRV) intends to undertake up to three non-brokered private placements
- Total gross proceeds from the placements may total up to US$10.4M and C$3M
- The company will allocate the proceeds toward exploration and general working capital
- Irving Resources is a junior exploration company with a focus on gold in Japan
- Irving Resources (IRV) is unchanged trading at $0.96 per share
Irving Resources (IRV) has announced plans to undertake up to three non-brokered private placements.
As per its investment agreement with Newmont Corporation, the next private placement Newmont will require Irving to undertake is for maximum gross proceeds of US$4.4M.
Irving will issue shares priced at the volume-weighted average trading price for the 30 trading days preceding Newmont’s exercise notice.
It will allocate 70 per cent of the proceeds toward exploration on its Omu Project in Hokkaido, Japan, and 30 per cent toward its alliance with a Newmont affiliate to identify and jointly exploit mineral exploration opportunities in Japan.
Newmont also has the right to require Irving to undertake an additional private placement of up to US$6M.
Irving intends to concurrently undertake a non-brokered private placement for gross proceeds of up to C$3M.
It will offer units priced at C$1, where each unit consists of one common share and one-half of one common share purchase warrant.
Each warrant entitles the holder to purchase one common share priced at C$1.60 for a period of three years.
It will employ proceeds from the concurrent placement as general working capital and to explore its mineral projects.
The company expects the concurrent placement to close with the Newmont placement.
Irving Resources is a junior exploration company with a focus on gold in Japan.
Irving Resources (IRV) is unchanged trading at $0.96 per share as of 1:15 pm EST.