Business
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 clos
About this update from Irving Resources, Inc.
[{"type":"text","content":"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 outsta...