The previously announced investment agreement between Irving Resources (IRV) and Newmont Corporation has been amended.
The additional private placement which Newmont has the right to require Irving Resources to undertake is now in the amount of US$6,000,000.
Newmont also has the right to require Irving Resources to undertake a second additional private placement, also in the amount of US$6,000,000.
Newmont Corporation has given notice of exercise of its right to proceed with the first additional private placement in the amount of US$6,000,000. These funds will be raised by the issuance of common shares of Irving Resources.
Funds from the private placement will be allocated towards exploration on Irving's Omu project in Hokkaido, Japan and the alliance formed between Irving and an affiliate of Newmont to identify and, if designated by Newmont’s affiliate, jointly exploit mineral exploration opportunities throughout Japan.
Irving Resources is a junior exploration company with a focus on gold in Japan.
Irving Resources Inc. (IRV) is down 3.42 per cent, trading at C$2.26 per share at 2 pm ET.