Irving Resources Announces Closing of Oversubscribed Non-Brokered Private Placement

Rhea-AI Summary

Irving Resources (IRVRF) has successfully closed its oversubscribed non-brokered private placement, raising gross proceeds of $1,333,000 through the issuance of 6,665,000 units at $0.20 per unit. Each unit consists of one common share and one transferrable share purchase warrant, allowing holders to purchase an additional share at $0.40 for three years. Notable participants include three company directors who subscribed for 675,000 units ($135,000) and strategic institutional shareholder Crescat Capital LLC. The proceeds will fund resource exploration properties and general working capital. Securities issued are subject to a statutory hold period until October 7, 2025.

Positive

• Oversubscribed private placement indicates strong investor interest
• Strategic participation from institutional investor Crescat Capital LLC
• Insider participation with directors investing $135,000 shows management confidence
• Warrants provide potential additional funding at $0.40 per share

Negative

• Significant dilution with 6,665,000 new units being issued
• Low offering price of $0.20 per unit suggests challenging market conditions
• Additional potential dilution from warrant exercise

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESS Newswire / June 9, 2025 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce the closing of its oversubscribed non-brokered private placement (the "Private Placement") announced in the Company's news release of May 27, 2025.

The Company raised gross proceeds of $1,333,000 under the Private Placement through the issuance of 6,665,000 units (each, a "Unit") at a price of $0.20 per Unit to. Each Unit is comprised of one common share of the Company (each, a "Share") and one transferrable Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share for a period of three years from the date of issuance at a price of $0.40 per Share.

Three directors of the Company (including the president and chief executive officer) subscribed for a total of 675,000 Units under the Private Placement for gross proceeds of $135,000. Crescat Capital LLC, a strategic institutional shareholder, also participated in the Private Placement.

The Company intends to apply the net proceeds from the Private Placement towards resource exploration properties in which Irving holds an interest and towards general working capital.

All securities issued by the Company under the Private Placement are subject to a statutory hold period expiring on October 7, 2025. The securities are not subject to a hold period under the policies of the Canadian Securities Exchange (the "CSE").

About Irving

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp. Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
info@IRVresources.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or to any "U.S Person" (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to the Company's intended use of proceeds from the Private Placement. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the availability to Irving of sufficient cash to fund any planned drilling and other exploration activities, as well as the performance of services by third parties. Any forward-looking information contained herein reflects the Company's current beliefs and is based on information currently available to the Company and on ‎assumptions it believes are reasonable. These assumptions include, but are not limited to, that the board of directors of the Company will not determine that it is in the best interests of the Company to use the net proceeds from the Private Placement for a different purpose than as set out above. Except as required by law, the Company does not assume any obligation to update any forward-looking information in the event that the Company's beliefs or assumptions or other factors should change.

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

SOURCE: Irving Resources Inc

View the original press release on ACCESS Newswire

FAQ

How much did Irving Resources (IRVRF) raise in its June 2025 private placement?

Irving Resources raised gross proceeds of $1,333,000 through the issuance of 6,665,000 units at $0.20 per unit.

What are the terms of IRVRF's private placement warrants?

Each warrant allows holders to purchase one additional share at $0.40 for a period of three years from the date of issuance.

How many units did Irving Resources directors subscribe in the private placement?

Three directors, including the president and CEO, subscribed for 675,000 units totaling $135,000.

When does the statutory hold period expire for IRVRF's private placement securities?

The statutory hold period for the securities expires on October 7, 2025.

What will Irving Resources use the private placement proceeds for?

The net proceeds will be used for resource exploration properties in which Irving holds an interest and general working capital.