Toronto, Ontario--(Newsfile Corp. - November 8, 2019) - Eric Sprott announces that on November 8, 2019, he (through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott), exercised 1,250,000 common share purchase warrants (Warrants) of Irving Resources Inc. at a price of $0.55 per unit for total consideration of $687,500 and, together with Irving Resources' previous treasury issuances, resulted in a decrease in holdings of approximately 7.6% of the outstanding common shares since the filing of the last early warning report. Prior to the exercise of these Warrants, Mr. Sprott beneficially owned and controlled 5,536,228 common shares and 1,250,000 Warrants representing approximately 10.7% of the then outstanding common shares on a non-diluted basis and approximately 12.8% on a partially diluted basis assuming the exercise of all Warrants.
As a result of the Warrant exercise, Mr. Sprott now beneficially owns and controls 6,786,228 common shares representing approximately 12.8% of the outstanding common shares on a partially diluted basis.
The exercise of Warrants resulted in a beneficial ownership change of greater than 2% of the outstanding common shares and the filing of an update to the early warning report.
The Warrants were exercised for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Irving Resources, including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Irving Resources is located at 404-999 Canada Place, Vancouver, British Columbia, V6C 3E2. A copy of the early warning report will appear with Irving Resources' documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Mr. Sprott's office at (416) 945-3294.
2176423 Ontario Ltd.
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J1
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