Irving Resources Announces Completion of Non-Brokerage Project

Not for distribution to United States news services or dissemination in the United States

VANCOUVER, British Columbia, July 13. 2022 (GLOBE NEWSWIRE) — Irving Resources Inc. (CSE: IRV; OTCQX: IRVRF) (“Irving“or the”Company”) is pleased to announce the closing of its private placement with Newmont Corporation (“Newmont“) and Concurrent Private Placement of Units (the “Unit location”), both announced in the Company’s press release dated June 20, 2022.

Newmont invested US$4,400,000 (the “Newmont Placement 2022”) by way of the issuance of 4,577,788 common shares of the Company at a purchase price of C$1.23 per share.

In addition, gross proceeds of C$2,974,540 were raised from the Unit Offering through the issuance of 2,974,540 Units (the “Units”) at a price of CA$1.00 per unit. Each unit consists of one common share of the Company and one-half share purchase warrant (the “Mandates”). Each whole warrant is exercisable for one common share of the Company at a price of C$1.60 per share for a period of three years. Cash finder’s fees totaling C$29,400 were paid in connection with the offering of units.

Irving welcomes Crescat Portfolio Management LLC (“Crescat“), an investment manager in the United States, as the lead strategic investor in the unit placement. The C$1 million investment from Crescat, combined with the continued financial support of Newmont, puts Irving in a position of strength to advance its exploration programs.

All securities issued under the Newmont 2022 Offering and the Unit Offering are subject to a hold period in Canada expiring on November 13, 2022.

About Irving Resources Inc.:

Irving is a junior gold exploration company in Japan. Irving also holds, through a subsidiary, a joint exploration agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC). JOGMEC is a government organization established under Japanese law, administered by the Ministry of Economy, Trade and Industry of Japan, and is responsible for the stable supply of various resources in Japan through the discovery of important economic deposits of base, precious and rare metals. .

Additional information is available on the Company’s website: www.IRVresources.com.

Akiko Levinson,
President, CEO and Director

THE CSE HAS NOT REVIEWED AND ACCEPTS NO RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

Forward-looking information

Certain statements contained in this press release may contain forward-looking information within the meaning of Canadian securities laws, including, without limitation, the statement as to Irving’s ability to advance its exploration programs. . Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from results. , future performance or achievement expressed or implied by the statements. These factors include, but are not limited to, typical risks in the mineral resource exploration industry.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, in the United States or to any “United States Person” (as that term is defined in Regulation S under of the U.S. Securities Act of 1933, as amended (the “1933 Act”)) of any Irving security. Securities of Irving have not been and will not be registered under the 1933 Act or any state securities law and may not be offered or sold in the United States or to any U.S. Person in lack of registration under the 1933 Act and applicable state titles. laws or an applicable exemption therefrom.


        

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