Irving Resources arranges $2-million private placement

Executive Summary

• Irving Resources Inc. is undertaking a non-brokered private placement to raise approximately $2 million in gross proceeds.
• The offering consists of units priced at $0.25 per unit, with each unit comprising one common share and one-half of one transferable share purchase warrant.
• Net proceeds will be allocated to resource exploration properties and general working capital, with a four-month hold period on issued securities.

Key Details

• Gross Proceeds: Approximately $2 million.
• Price Per Unit: $0.25.
• Unit Composition: Each unit consists of one common share and one-half of one transferable share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one share at an exercise price of $0.35 per share.
• Warrant Duration: Three years from the date of issuance.
• Use of Proceeds: Resource exploration properties in which Irving holds an interest and general working capital.
• Hold Period: Four months after the date of issuance.
• Insider Participation: Anticipated insider participation is expected to be exempt from valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.
• Regulatory Filing: The material change report relating to the private placement is not expected to be filed at least 21 days before closing, as the company aims to close at the earliest possible opportunity.
• Finders' Fees: May be payable in connection with some subscriptions.