Irving Resources Doubles Private Placement to $4 Million for Japanese Gold Exploration

The latest update is out from Irving Resources ( (TSE:IRV) ).

Irving Resources Inc. has doubled the size of its previously announced non-brokered private placement, increasing the offering from $2 million to $4 million. The financing will be carried out through the sale of units at $0.25 each, with every unit comprising one common share and one-half of a transferable share purchase warrant, and each whole warrant exercisable at $0.35 for three years. Proceeds are earmarked for advancing Irving’s resource exploration properties and for general working capital, with the placement potentially closing in tranches and all securities subject to a four-month hold period, underscoring the company’s intention to strengthen its funding base for its gold exploration activities in Japan.

The most recent analyst rating on (TSE:IRV) stock is a Hold with a C$0.32 price target. To see the full list of analyst forecasts on Irving Resources stock, see the TSE:IRV Stock Forecast page.

Spark’s Take on TSE:IRV Stock

According to Spark, TipRanks’ AI Analyst, TSE:IRV is a Neutral.

The score is primarily constrained by weak financial performance driven by persistent losses and negative operating/free cash flow, partially offset by a strong low-debt balance sheet. Technicals are supportive with bullish trend and momentum, but valuation remains unattractive/unclear given a negative P/E and no dividend yield.

To see Spark’s full report on TSE:IRV stock, click here.

More about Irving Resources

Irving Resources Inc. is a junior mineral exploration company focused on gold projects in Japan. The company was formed through a plan of arrangement involving Gold Canyon Resources Inc. and First Mining Finance Corp., and targets resource exploration opportunities in the Japanese gold sector.

Average Trading Volume: 65,890

Technical Sentiment Signal: Hold

Current Market Cap: C$26.67M

See more insights into IRV stock on TipRanks’ Stock Analysis page.