Ivernia Closes Previously Announced C$5 Million Private Placement


TORONTO, ONTARIO--(Marketwired - April 11, 2014) -


Ivernia Inc. (TSX:IVW) ("Ivernia" or the "Company") today announced that it has closed its previously announced C$5 million private placement as part of the amendment of its C$20 million credit facility with Sprott Resource Lending Partnership that closed on March 31, 2014 (the "Sprott Facility").

In total, 41,666,667 Ivernia common shares were issued today at a price of C$0.12 per Ivernia common share for C$5.0 million in proceeds (the "Offering"). The Offering was completed by way of a non-brokered private placement. Five current Ivernia shareholders, each being either an institutional shareholder or accredited investor, participated in the Offering. Enirgi Group Corporation, the Company's majority shareholder which backstopped the Offering, subscribed for 24,583,335 Ivernia common shares or approximately 59% of the Offering. The Offering is designed to improve the Company's working capital position and there is no requirement that the proceeds of the Offering be used to repay the principal of the Sprott Facility.

"The Company is pleased to receive the financial support of key shareholders to bolster Ivernia's new financing terms with Sprott," commented Peter Robson, Finance Committee Chair.

Following the closing of the Offering, Enirgi Group holds 463,471,945 Ivernia common shares or approximately 57.85% of Ivernia's outstanding common shares.

About Ivernia

Ivernia is an international base metal mining company and the owner of the Paroo Station Mine, located in Western Australia. Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange. Ivernia and the mining operations operate under a management services arrangement with Enirgi Group Corporation, Ivernia's majority shareholder.

Additional information on Ivernia is available on the Company's website at www.ivernia.com and at SEDAR at www.sedar.com.

Contact Information:
Ivernia Inc.
Jessica Helm
VP, Corporate Communications
(416) 867 9298