VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2016) - Irving Resources Inc. (CSE:IRV)(CSE:IRV.CN)(CNSX:IRV) ("Irving" or the "Company") is pleased to announce the completion of its final closing of a non-brokered private placement (the "Private Placement"), raising further proceeds of $540,000 by the issuance of 1,350,000 units (the "Units") at a price of $0.40 per Unit. Total gross proceeds raised of $5,856,395 were raised in the Private Placement by the issuance of 14,640,988 Units. Each Unit is comprised of one common share of the Company and one-half of a share purchase warrant (the "Warrants"). Each whole Warrant is exercisable for one common share of the Company at a price of $0.55 per share for a period of three years from the date of issue except that if, after May 22, 2017, the daily high trading price of the Company's common shares is $1.00 or higher for at least 20 consecutive trading days, the Company may give notice to the holders of the Warrants that the Warrants will expire if not exercised within 30 days of that notice. The hold period applicable to the final closing of the Private Placement expires on March 22, 2017.
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.
About Irving Resources Inc.:
Irving is a junior exploration company searching for opportunities in certain countries, including Japan. Irving also holds, through a subsidiary, three Project Venture Agreements with JOGMEC for joint regional exploration programs in the United Republic of Tanzania, the Republic of Malawi and the Republic of Madagascar. 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 & Director
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