IRELAND INC. (OTCMKTS:IRLD) Files An 8-K Other EventsITEM 8.01 OTHER EVENTS.
Exercise of Warrants at Reduced Price
A total of 38,455,921 shares of Ireland Inc.’s (the “Company”) common stock was issued between January 20, 2017 and February 27, 2017 upon the exercise of the Company’s outstanding share purchase warrants, for total gross proceeds of $3,076,473. The warrant exercises were made at the temporarily reduced price of $0.08 per share. Warrant holders were permitted to exercise their warrants at the reduced exercise price by delivering the necessary documentation, along with payment of the exercise price, to the Company by 5:00pm on February 17, 2017 (the “Reduced Price Deadline”). The Company’s outstanding warrants that were previously scheduled to expire on December 31, 2016 were extended to February, 17, 2017, and expired if they were not exercised by the Reduced Price Deadline. Outstanding warrants that were set to expire after the Reduced Price Deadline that were not exercised will continue to be exercisable in accordance with their respective terms.
ITEM 3.02 Unregistered Sales of Equity Securities.
Issuance of Warrants to Consultant
On February 17, 2017, Ireland Inc. (the “Company”) entered into an agreement to issue share purchase warrants exercisable at a price of $0.14 per share, expiring February 17, 2020. The warrants were issued as partial consideration for consulting services to be provided to the Company. The warrants were issued to the exemptions from registration provided by Rule 506(b) of the Securities Act of 1933, as amended, (the “Securities Act”) on the basis of representations provided by the warrant holder that she is an accredited investor as defined in Rule 501 of the Securities Act.
Exercise of Conversion Rights
On February 27, 2017, the Company issued a total of 1,659,461 shares of its common stock upon the exercise by certain creditors of the conversion rights under their loan agreements with the Company. The shares were issued at a conversion price of $0.064 per share, being 80% of the reduced warrant exercise price approved by the Company in December 2016. The shares were issued to the creditors to the exemptions from registration provided by Rule 506(b) of the Securities Act, on the basis of representations made by the creditors that they were accredited investors as defined in Rule 501 of the Securities Act.
About IRELAND INC. (OTCMKTS:IRLD)
Ireland Inc. is an exploration-stage mineral exploration company. The Company is focused on the discovery and extraction of precious metals from mineral deposits in the Southwestern United States. Its Columbus Project is a sediment hosted gold and silver exploration project located in western Nevada. It comprises approximately 470 unpatented placer federal mining and millsite claims on Bureau of Land Management (BLM) land, which covers over 23,418 acres and an additional over 80 acres of private land, for a total of approximately 23,500 acres. It includes a permitted and operational pilot plant and mine site. Its area of interest approximates 2,000 acres on the west side of its project claims. The mineral claims that make up the Columbus Project are located in the Columbus Salt Marsh, Esmeralda County, Nevada, northwest of Coaldale Junction, approximately 50 miles west of Tonopah halfway between Las Vegas and Reno. IRELAND INC. (OTCMKTS:IRLD) Recent Trading Information
IRELAND INC. (OTCMKTS:IRLD) closed its last trading session 00.000 at 0.150 with 10,000 shares trading hands.