Ireland, Inc. (OTCPK:IRLD) announced a private placement of 14,200,000 special warrants at a price of $0.20 per special warrant for gross proceeds of $2,840,000 on March 24, 2014. The company has received in funding from 40 investors. The transaction included participation from existing investors Douglas D.G. Birnie, Chief Executive Officer of the company; Robert D. McDougal, Chief Financial Officer of the company; Mark H. Brennan, a Director of the company; Nanominerals Corp.; Steve Klein, an Independent Director of the company; and trusts for whom Steve Klein acts as trustee., who have subscribed for 375,000 special warrants, 125,000 special warrants, 125,000 special warrants, 500,000 special warrants, 250,000 special warrants, and 2,750,000 special warrants respectively. The special warrants will expire on the earlier of March 31, 2015 or the date that is one month after the company completes any transaction or number of transactions involving the sale of the company's common stock or common stock equivalents for total gross proceeds of $7,000,000 or more. The special warrant may be converted into unit of the company during their term, at no additional cost to the holder. Each unit consists of one share of common stock and one warrant. Each such warrant entitles the holder to acquire one additional share of common stock at a price of $0.40 for a period expiring on March 29, 2019.

During the term of the special warrants, if the company completes a subsequent sale of shares of its common stock, other securities convertible, exercisable or exchangeable for the company's common stock, or any combination thereof, the holder may, within one month after the completion of that subsequent equity financing, and at no additional cost to the holder, convert the special warrants into that number of shares of common stock and common stock equivalents that the holder would have been entitled to had the holder participated in that subsequent equity financing for a total subscription price equal to the total subscription price paid for the special warrants. If the holder has not converted the special warrants prior to expiration of the special warrant term, then the special warrant will be converted into unit of the company, immediately prior to the expiration of the special warrant term. The company has issued securities pursuant to exemption provided under Regulation D. In connection with the transaction, no finder's fees or commissions were paid. Christian I. Cu of Northwest Law Group acted as legal advisor for the company. The company intended this transaction to last for more than one year.


On March 24, 2014, Ireland, Inc. closed the transaction.