VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 16, 2016) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company“) announces that it intends to conduct a non-brokered private placement to raise approximately $802,200 by the issuance of up to 5,730,000 units (the “Units“) at a price of $0.14 per Unit (the “Private Placement“). Each Unit will be comprised of one common share of the Company and one share purchase warrant (the “Warrants“). Each Warrant will be exercisable for one common share of the Company at a price of $0.20 per share for a period of two years from the date of issue.
The Company plans to use the net proceeds of the Private Placement to fund potential acquisitions of mineral properties in Japan and for general working capital purposes.
The Company also wishes to announce that Mr. Kevin Box has been appointed to the Company’s Board of Directors. Mr. Box has worked as a GIS Analyst specializing in mineral exploration for over 14 years. He is currently the GIS and Research Manager for Novo Resources Corp. His expertise in utilizing GIS techniques to analyze geological data played a significant role in the discoveries of the Beatons Creek gold deposit in Western Australia (Novo Resources Corp.), the Springpole gold deposit near Red Lake, Ontario (Gold Canyon Resources Inc.), and the Rattlesnake Hills gold deposit in Wyoming (Evolving Gold Corp). Mr. Box is also a veteran of the US Army where he worked in Logistics and Management.
About Irving Resources Inc.:
Irving, through a subsidiary, holds Project Venture Agreements with Japanese Oil, Gas and Metals National Corporation (“JOGMEC”) for joint exploration programs in the United Republic of Tanzania and the Republic of Malawi. In addition, the Company has recently incorporated a subsidiary in Japan, Irving Resources Japan GK, and intends to pursue its own mineral property activities in Japan.
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 Irving’s website: www.IRVresources.com.
Akiko Levinson, President & Director
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to the intention to conduct the Private Placement. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risk that the Private Placement may not be completed in the amount or on the terms as expected or at all.
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