Ireland, Inc. (OTCPK:IRLD) announced a private placement of up to 18,150,000 special warrants at $0.2 per warrant for gross proceeds of $3,630,000 on March 4, 2015. The warrants will be convertible into units at 1:1 basis. Each unit will be convertible into one share of common stock and one warrant exercisable for one additional share of common stock at $0.40, expiring February 28, 2020. Alternatively, if at any time during the term of the special warrants, the company completes a subsequent sale of shares of its common stock, other securities convertible, exercisable or exchangeable for its 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 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. The company will issue securities pursuant to exemption provided under Regulation D. The transaction has been approved by the board of directors of the company.

On the same day, the company issued 1,975,000 warrants for gross proceeds of $395,000 to four investors in the first tranche close.