Irving Resources Inc.
CNSX : IRV

June 21, 2016 16:30 ET

Irving Resources Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 21, 2016) - Irving Resources Inc. (CSE:IRV) ("Irving" or the "Company") is pleased to announce that it has closed a non-brokered private placement raising gross proceeds of $816,200 by the issuance of 5,830,000 units (the "Units") at a price of $0.14 per Unit (the "Private Placement"). Each Unit is comprised of one common share of the Company and one share purchase warrant (the "Warrants"). Each Warrant is 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 applicable hold period expires on October 22, 2016.

The Company plans to use the net proceeds of the Private Placement to fund exploration and other mineral property related activities in Japan and for general working capital purposes.

Early Warning Disclosure of Akiko Levinson

Akiko Levinson of Vancouver, B.C., a director and executive officer of the Company, purchased 715,000 Units (the "Levinson Units"), thereby acquiring ownership of 715,000 common shares of the Company (the "Levinson Shares") and Warrants to purchase 715,000 common shares of the Company (the "Levinson Warrants"), for a total purchase price of $100,100. The Levinson Shares represent approximately 4.95% of the current issued and outstanding common shares of the Company, and the Levinson Units represent approximately 9.42% of the Company's issued and outstanding common shares, assuming the exercise in full of the Levinson Warrants.

Immediately prior to the acquisition of the Levinson Units, Ms. Levinson owned and controlled 692,079 common shares of the Company, representing approximately 8.02% of the issued and outstanding common shares of the Company, share purchase warrants to purchase 250,000 common shares of the Company, and stock options to purchase 150,000 common shares of the Company. Assuming the exercise in full of the share purchase warrants and the stock options held by her, the number of common shares held by Ms. Levinson or over which she owned and exercised control or direction represented approximately 12.10% of the issued and outstanding common shares of the Company.

Following the acquisition of the Levinson Units, Ms. Levinson owns and controls 1,407,079 common shares of the Company, representing approximately 9.73% of the current issued and outstanding common shares of the Company, share purchase warrants to purchase 965,000 common shares of the Company, and stock options to purchase 150,000 common shares of the Company. Assuming the exercise in full of the share purchase warrants and the stock options held by her, the number of common shares held by Ms. Levinson or over which she owns and exercises control or direction represents approximately 16.20% of the current issued and outstanding common shares of the Company.

Ms. Levinson advises that she intends to hold the Levinson Units and the common shares, if any, acquired upon exercise of the Levinson Warrants for investment purposes and may, subject to market conditions, take other actions in respect of the Company, including making additional investments in, or effecting dispositions of, securities of the Company.

Early Warning Disclosure of Quinton Hennigh

Quinton Hennigh of Longmont, Colorado, a director of the Company, purchased 715,000 Units (the "Hennigh Units"), thereby acquiring ownership of 715,000 common shares of the Company (the "Hennigh Shares") and Warrants to purchase 715,000 common shares of the Company (the "Hennigh Warrants"), for a total purchase price of $100,100. The Hennigh Shares represent approximately 4.95% of the current issued and outstanding common shares of the Company, and the Hennigh Units represent approximately 9.42% of the Company's issued and outstanding common shares, assuming the exercise in full of the Hennigh Warrants.

Immediately prior to the acquisition of the Hennigh Units, Dr. Hennigh owned and controlled 519,998 common shares of the Company, representing approximately 6.03% of the issued and outstanding common shares of the Company, share purchase warrants to purchase 100,000 common shares of the Company, and stock options to purchase 100,000 common shares of the Company. Assuming the exercise in full of the share purchase warrants and the stock options held by him, the number of common shares held by Dr. Hennigh or over which he owned and exercised control or direction represented approximately 8.16% of the issued and outstanding common shares of the Company.

Following the acquisition Hennigh Units, Dr. Levinson owns and controls 1,234,998 common shares of the Company, representing approximately 8.54% of the current issued and outstanding common shares of the Company, share purchase warrants to purchase 815,000 common shares of the Company, and stock options to purchase 100,000 common shares of the Company. Assuming the exercise in full of the share purchase warrants and the stock options held by him, the number of common shares held by Dr. Hennigh or over which he owns and exercises control or direction represents approximately 13.99% of the current issued and outstanding common shares of the Company.

Dr. Hennigh advises that he intends to hold the Hennigh Units and the common shares, if any, acquired upon exercise of the Hennigh Warrants for investment purposes and may, subject to market conditions, take other actions in respect of the Company, including making additional investments in, or effecting dispositions of, securities of the Company.

The information above under the heading "Early Warning Disclosure for Akiko Levinson" has been provided by Ms. Levinson and the information under the heading "Early Warning Disclosure for Quinton Hennigh" has been provided by Dr. Hennigh. A copy of the report to be filed with Canadian securities regulators in connection with the acquisition of the specified securities can be obtained upon its filing under the Company's profile on the SEDAR website (www.SEDAR.com) or by contacting Lisa Sharp, the Company's chief financial officer, at (604)682-3234.

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

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

Contact Information

  • Irving Resources Inc.
    (604) 682-3234 Toll free: 1 (888) 242-3234
    (604) 682-0537 (FAX)
    info@IRVresources.com