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The latest update is out from Irving Resources ( (TSE:IRV) ).
Irving Resources Inc. plans to raise approximately $2 million through a non-brokered private placement of units priced at $0.25, each comprising one common share and half a warrant exercisable at $0.35 for three years. The funds are earmarked for advancing the company’s gold exploration properties in which it holds an interest and for general working capital, with the offering subject to a four-month hold period, potential finder’s fees and anticipated insider participation under Canadian securities exemptions, underscoring the company’s ongoing capital needs to support its exploration strategy in Japan.
The most recent analyst rating on (TSE:IRV) stock is a Hold with a C$0.28 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 held back primarily by ongoing losses, no revenue, and negative operating/free cash flow (continued funding dependence), partially offset by a strong low-debt balance sheet. Technicals are neutral-to-soft with limited momentum, while corporate updates are constructive due to encouraging exploration progress and partner advancement.
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 Irving, Gold Canyon Resources Inc. and First Mining Finance Corp., and is listed on the CSE, OTCQX and FSE.
Average Trading Volume: 51,498
Technical Sentiment Signal: Hold
Current Market Cap: C$24.17M
See more insights into IRV stock on TipRanks’ Stock Analysis page.