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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 9, 2016) - Irving Resources Inc. (CSE:IRV) ("Irving" or the "Company") announces that it has adopted a "rolling" stock option plan pursuant to which a maximum of 10% of the issued common shares of the Company from time to time may be reserved for issuance pursuant to the exercise of options. Pursuant to the stock option plan, the Company has granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of 475,000 common shares at an exercise price of $0.14 per share. The stock options have a term of three (3) years, subject to one-third of the grant vesting every six (6) months from grant day with full vesting in the first 18 months of the term.
Early Warning Disclosure
Included in the above grant is a stock option entitling Akiko Levinson, a director of the Company and its president and chief executive officer, to purchase 150,000 common shares. Ms. Levinson has informed the Company that as a result of this stock option grant, she now holds a total of 550,079 common shares of the Company, representing approximately 6.38% of the issued and outstanding common shares of the Company, share purchase warrants to purchase 250,000 common shares of the Company and a stock option to purchase 150,000 common shares of the Company. Assuming the exercise in full of the share purchase warrants and stock option, the number of common shares held by Ms. Levinson or over which she exercises control or direction represents approximately 10.52% of the issued and outstanding common shares of the Company. Ms. Levinson has advised that she intends to hold the securities described in this news release for investment purposes and may, subject to market conditions, take other actions in respect of the Company, including making additional investments in, or effecting dispositions of, securities of the Company or an interest therein.
The information in this news release under the heading "Early Warning Disclosure" is being disseminated pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") on behalf of Akiko Levinson. A copy of the report to be filed with Canadian securities regulators in connection with the acquisition of these securities will be filed under the Company's profile on the SEDAR website (www.SEDAR.com) or by contacting Ron Paton of Owen Bird Law Corporation at 604 691-7504.
About Irving Resources Inc.:
Irving is a spin-out company originating from the recent acquisition of Gold Canyon Resources by First Mining Finance and starts its existence with a solid working alliance with Japan Oil, Gas and Metals National Corporation (JOGMEC) that gives Irving significant, low-cost exposure to mineral projects in Africa.
Irving, through a subsidiary, holds a Project Venture Agreement with JOGMEC for joint regional exploration programs in the United Republic of Tanzania and the Republic of Malawi.
Additional information can be found on Irving's website: www.IRVresources.com
Akiko Levinson, President & Director
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Irving Resources Inc.
604-682-3234 or Toll Free: 1-888-242-3234