Irving Resources, Tightest Shares In Canada

TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

In September of 2015 First Mining Finance made an offer for Gold Canyon Resources. Gold Canyon accepted the purchase deal and it closed in November of 2015. As part of the agreement, Gold Canyon spun off $500,000 and certain other assets into a new shell named Irving Resources headed by the Gold Canyon President and CEO, Akiko Levinson.

Each existing Gold Canyon shareholder was given 0.0333 shares of Irving per GCU share. As a result of the spinoff, tens of thousands of shareholders found themselves with a Xmas present of tiny amounts of Irving shares. The 177 million shares held in Gold Canyon turned into 5.4 million shares of Irving. That’s the entire float due to who participated in the later financing.

Since that time Irving completed private placements for about 9 million shares at $.14 in early 2016 and an additional 16 million shares at $.40 in late 2016. The company is especially well cashed up with just at $7 million cash in the till.

Three investors own over 42% of the shares. That would be Akiko Levinson President and CEO, Dr. Quinton Hennigh, Director and Eric Sprott, billionaire. In addition the next highest seven shareholders own 36% more of the shares. In short on a basis of existing shares, 78% of the issued stock is in the tightest of hands and 82% on a fully diluted basis. The remaining 20% or so is made up of tiny positions held by small shareholders who toss them onto the market when they need some change.

I’ve never seen any stock so tightly held. It shows in the action of the stock with the shares more than doubling from $.49 to $1.18 in ten days at the end of 2016.

Since the merger and spinoff, Irvine has shifted emphasis from some minor REE projects in Africa to high-grade gold properties in Japan. Japan is literally the last unexplored frontier. The highest-grade gold mine in the world calls Japan home. That would be the Hishikari Mine in southern Japan. Hishikari produced over 6.5 million ounces of gold so far with a head grade of 40 grams per ton. They aren’t the biggest gold mine in the world but probably the most profitable per ounce.

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