Ivernia Announces Proposed Changes to the Board of Directors and Provides Details of Q1 2011 Results Release and Annual Meeting Webcast
TORONTO, ONTARIO -- (Marketwire) -- 05/17/11 -- Ivernia Inc. (TSX: IVW) ('Ivernia' or the 'Company') is pleased to announce that two new directors have been nominated to the board of directors (the 'Board') for election at the June 15, 2011 annual meeting of shareholders ('2011 AGM'). Mr. Kenneth Sangster and Mr. Gerald Shefsky are two new non-executive nominees being proposed for election to the Board at the 2011 AGM. Messrs. Sangster and Shefsky would be independent directors within the meaning of National Instrument 58-101 of the Canadian Securities Administrators ('CSA'). Mr. Pieter Britz, a current director, will not be seeking re-election to the Board at the 2011 AGM and, as a result, the Board will increase from seven to eight members.
Kenneth Sangster is a consultant with extensive experience in the mining industry. Mr. Sangster obtained a Bachelor of Science in Applied Chemistry (Metallurgy) with honours from the University of Strathclyde, Glasgow in 1965. Mr. Sangster spent four years as a Plant Metallurgist for Anglo American in Africa. He joined Consolidated Gold Fields in 1969 and was Metallurgical Superintendent of Renison Tin for five years. In 1975 he joined Rio Tinto as senior metallurgical consultant and became Technical Director of RTZ Metals and a Director of Anglesey Aluminium and RTZ Consultants. In 1990 he joined Outokumpu as Technical Director of the Copper division and became the Project Director for the Zaldivar copper mine in Chile and then a member of the operating board. Mr. Sangster was the former Chief Operating Officer of the Company and was the Executive Vice- Chairman of the Company until his retirement in 2006. Mr. Sangster also served as a director of the Company from 2000 to 2002 and again from 2003 to 2007. Mr. Sangster became a technical consultant to the mining industry in 2006.
Gerald Shefsky is a senior businessman with extensive experience in entrepreneurial ventures. Since 1982, Mr. Shefsky has been involved in the venture capital market and has extensive experience in real estate development in North America and Europe. Mr. Shefsky has been involved in venture capital, principally through M&M Capital Corp., in bringing new technology to public markets by providing start-up capital and business expertise. He became active in real estate development in Germany through DEZ Shopping Centre Company. In Canada, Mr. Shefsky was involved in developing shopping centres throughout Canada including, Hillcrest Mall (Richmond Hill, Ontario), Centennial Mall and Dufferin Mall (Toronto, Ontario), Southland Mall (Regina, Saskatchewan), Eastgate Square (Hamilton, Ontario) and Thunder Bay Shopping Centre. For almost 15 years, Mr. Shefsky has been responsible for securing financing for large projects by way of private and public offerings through many well-known financial institutions in Canada and the U.S. Mr. Shefsky is currently a director and Chairman of Aquarium Development Corporation, a private company.
The Honourable J. Trevor Eyton, Chairman of the Board of Directors of Ivernia, commented: 'Ivernia is honoured and delighted to have two high caliber individuals such as Ken Sangster and Jerry Shefsky as nominees to Ivernia's Board of Directors. Ken Sangster's long standing history with the Magellan operation and Jerry Shefsky's considerable board and financing experience should prove to be invaluable to Ivernia. We extend our thanks to Pieter Britz for his contributions to the Board during his nearly two year tenure - and his valuable assistance during that period'.
The management information circular and other proxy materials for the 2011 AGM have been mailed to shareholders and will be available on the SEDAR website, www.sedar.com, this week.
The Company will report its financial results for the three month period ended March 31, 2011 on Monday, June 13, 2011. These financial statements will be reported for the first time under International Financial Reporting Standards ('IFRS') which replaces Canadian Generally Accepted Accounting Policies effective January 1, 2010 for all publically accountable enterprises in Canada.
The CSA has granted a 30 day extension to issuers filing their first IFRS interim financial statements. As a result, the Company has until June 14, 2011 to file its financial statements and accompanying management's discussion and analysis for the three month period ended March 31, 2011.
Management will host a webcast at its 2011 AGM which will include a discussion of the Q1 2011 results at 10:00 a.m. (Eastern Time) on Wednesday June 15, 2011. The meeting will be webcast live on the Ivernia website at www.ivernia.com.
A webcast replay will remain available after the meeting on the investor relations section of the Ivernia website at www.ivernia.com.
About Ivernia:
Ivernia is an international base metal mining company and the owner of the Magellan Mine, located in Western Australia.
Ivernia trades under the symbol 'IVW' on the TSX. Additional information on Ivernia is available on the Company's website at www.ivernia.com and at SEDAR at www.sedar.com.
Contacts:
Ivernia Inc.
Brent Omland
Vice President, Finance and CFO
(416) 867-9298
investor@ivernia.ca
www.ivernia.com