Ivernia Reports Third Quarter 2011 Financial Results and Provides Business Update
TORONTO, ONTARIO -- (Marketwire) -- 11/14/11 -- All Dollar Amounts are in U.S. Dollars Unless Otherwise Indicated
Ivernia Inc. ('Ivernia' or the 'Company') (TSX: IVW) today reported its third quarter 2011 financial results. The Company's Magellan Mine continued in care and maintenance throughout the third quarter of 2011 and did not ship any concentrate.
The Company recorded a net loss after tax of ($21.9) million, or ($0.03) per common share, for the third quarter of 2011 compared with net income after tax of $28.8 million, or $0.15 per common share for the same period last year.
The Company recorded an operating loss of ($29.5) million for the third quarter of 2011 compared with an operating income of $31.1 million for the same period of 2010. Included in the operating loss for the third quarter of 2011 is a foreign exchange loss of ($21.7) million, mainly related to Magellan Metals' functional currency being the A$ while Ivernia's functional currency is the US$. Of this foreign exchange loss, ($19.7) million related to unrealized losses on Magellan Metals' intercompany loans denominated in US$ and C$. These intercompany loans are with wholly owned subsidiaries of the Company and eliminated from the Statement of Financial Position on consolidation. In the third quarter of 2010, the foreign exchange gain for the period was $24.4 million.
2011 THIRD QUARTER HIGHLIGHTS
Financial
-- Operating loss of ($29.5) million for the third quarter of 2011.
Includes a foreign exchange loss of ($21.7) million mainly related to
Magellan Metals' functional currency being the A$. Of this foreign
exchange loss, ($19.7) million related to unrealized losses on Magellan
Metals' intercompany loans denominated in US$ and C$.
-- As at November 9, 2011 the Company had approximately $8.8 million in
cash to fund ongoing care and maintenance activities at the Magellan
Mine.
-- The Company holds approximately 10,100 tonnes of lead carbonate
concentrate inventory with a carrying value of $7.8 million as of
September 30, 2011. Magellan Metals will not be in a position to ship
the inventory until it has been issued its final amended operating
conditions by the Western Australian government and completes all
required actions to be in compliance with these conditions.
-- The Company will require further financing to fund the ongoing care and
maintenance and restart of the Magellan Mine. On November 14, 2011 the
Company received a non-binding commitment letter from Sentient
confirming the commitment of Sentient to provide sufficient funding to
Green SEA Resources Inc. ('GSR') to allow GSR to subscribe for up to
67.576 million common shares of Ivernia in a non-brokered private
placement, at a market price to be determined and to close before March
31, 2012. The Company intends to invite a number of other institutional
and accredited investors who are existing shareholders in the Company
the opportunity to participate in a financing on equivalent terms. The
Company will seek to raise up to C$10 million in this financing with GSR
and other investors.
Operational
-- On October 3, 2011 the Environmental Protection Authority of Western
Australia ('EPA') released its report to the Minister for Environment of
Western Australia (the 'Minister') entitled Section 46 Report and
Recommendation of the Environmental Protection Authority (the 'Section
46 Report'). The Section 46 Report included draft recommended
environmental conditions for any future operations at the Magellan Mine
and transportation of lead carbonate concentrate from the Magellan Mine.
The Section 46 Report is now with the Minister who will consult with key
stakeholders before making any final decision.
-- Magellan Metals provided submissions to the Office of the Environment
Protection Authority ('OEPA') and Minister on the future operating
conditions for the Magellan Mine.
-- Substantially completed the end-to-end review of the effectiveness of
Magellan Metals risk management and compliance systems.
-- The Company does not expect to be in a position to make a decision on
restarting the Magellan Mine until after the Minister issues the final
operating conditions and Magellan Metals completes a review of these
final operating conditions and their potential impact on any restart
plans. The Company cannot provide guidance on the timing of the issuance
of the final operating conditions by the Minister nor on their content.
-- In November 2011, Ivernia notified Prairie Downs Metals Limited ('PDML')
that it would soon meet its initial A$3 million expenditure threshold
and, as a result, will enter into a further expenditure program for a
minimum additional expenditure of A$2 million to be completed by June
2013. At the end of this additional expenditure program, the Company
will have the option to purchase a 60% interest in the Prairie Downs
Project for A$10 million in cash or Ivernia common shares (at Ivernia's
election).
FINANCIAL AND OPERATING HIGHLIGHTS
The following table is a summary of Ivernia's financial and operating highlights for the three months and nine months ended September 30, 2011 and 2010:
Three months ended Nine months ended
September 30 September 30
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(in thousands of United States
dollars, unless otherwise
indicated and per share 2011 2010 2011 2010
amounts) $ $ $ $
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Financial Highlights
Revenue (37) 34,268 11,272 60,523
Operating costs (5,165) (28,411) (31,176) (61,975)
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Gross (loss) profit (5,202) 5,857 (19,904) (1,452)
General and administrative (2,245) (2,069) (7,183) (6,042)
Severance costs - - (1,127) -
Share based compensation (315) (33) (351) (114)
Foreign exchange (loss) gain (21,732) 24,379 (11,598) 13,304
Other (expenses) income (14) 2,986 371 2,296
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Operating (loss) profit (29,508) 31,120 (39,792) 7,992
Interest income 145 270 471 485
Interest expense (139) (1,482) (540) (4,088)
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(Loss) income before tax (29,502) 29,908 (39,861) 4,389
Income tax recovery (expense) 7,554 (1,139) 10,359 2,991
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Net (loss) income (21,948) 28,769 (29,502) 7,380
Unrealized (loss) gain on
investments (4) 118 (77) 87
Foreign currency translation
differences 8,556 (9,280) 5,533 (4,395)
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Comprehensive (loss) income (13,396) 19,607 (24,046) 3,072
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Basic (loss) income per share(1) (0.03) 0.15 (0.05) 0.04
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Fully diluted (loss) income per
share(1) (0.03) 0.06 (0.05) 0.02
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Weighted average shares
outstanding - thousands 675,745 189,243 622,848 189,010
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Cash (used in) provided by
operations before changes in
non-cash working capital (7,661) 4,697 (23,490) (6,979)
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Cash flow used in operating
activities (8,711) (250) (32,866) (984)
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Operating Highlights
Ore milled - (000's tonnes) - 259 161 559
Average head grade - (% lead) N/A 7.4% 6.9% 6.8%
Recovery - (%) N/A 76% 73% 72%
Concentrate produced - (000's
dry tonnes) - 22.6 12.7 42.1
Concentrate sold - (000's dry
tonnes) - 26.1 6.8 47.9
Lead metal in concentrate
produced - (000's tonnes) - 14.6 8.1 27.2
Lead metal in concentrate sold -
(000's tonnes) - 16.9 4.4 30.9
Concentrate inventory - (000's
of dry tonnes) 10.1 2.7 10.1 2.7
Average lead price - LME cash
settlement- ($ per pound) 1.12 0.92 1.15 0.94
Ivernia's average lead sale
price - ($ per pound) - 1.05 1.13 0.97
Cash cost per pound sold - ($
per pound)(2) N/A N/A N/A N/A
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(1) Per share data was calculated on the basis of the weighted average
shares outstanding (basic and diluted) for the relevant period.
(2) Cash cost per pound sold is a non-IFRS measure. Cash cost of lead sold
is not currently meaningful as the Magellan Mine worked through the
issues surrounding the Order, transportation delays and then care and
maintenance during the first and second quarters of 2011. Upon the
restart of operations of the Magellan Mine and once the Magellan Mine
achieves steady state production run rates information about the cash
cost of lead sold will be reintroduced.
OPERATIONS REVIEW - MAGELLAN MINE
Ivernia restarted operations at the Magellan Mine in late February, 2010. A ramp-up of operations took place throughout 2010. On December 31, 2010 Magellan Metals received a stop order from the Acting Minister for Environment of Western Australia (the 'Stop Order') relating to the transport of lead carbonate concentrate from the Magellan Mine. Transportation operations from the Magellan Mine were immediately halted upon receipt of the Stop Order. The Stop Order was replaced by a subsequent order issued on January 3, 2011 from the Minister for Environment of Western Australia (the 'Order') with respect to cessation of transportation of lead carbonate concentrate from the Magellan Mine. Magellan Metals stopped mining and processing operations at the Magellan Mine commencing January 5, 2011 until February 23, 2011 when the Minister for Environment announced the lifting of the Order. Following the lifting of the Order, Magellan Metals commenced a ramp up of operations. On April 5, 2011 Magellan Metals announced that it had voluntarily ceased transportation and operations as a result of the detection of a small amount of lead bearing mud on the outside of one of its shipping containers at the Port of Fremantle. On April 7, 2011 the Company announced that it had commenced placing the Magellan Mine on care and maintenance.
There was no production in the third quarter. At the time that the transport operations were stopped in April there were approximately 10,100 tonnes of lead concentrate on site at an estimated average concentrate grade of 64% lead, containing approximately 6,450 tonnes of lead. This concentrate is stored in sealed bags and protected from the weather. Prior to the recommencement of any shipping operations, the cleanliness and integrity of all bags will be verified.
Principal activities during the third quarter of 2011 focused on: advancing the internal end-to-end review of Magellan Metals' risk management and compliance systems; providing its views to the Western Australian Government in regards to its future operating conditions; and completing Magellan Metals' internal inquiry into the source and extent of lead bearing mud that was found on certain shipping containers. A key focus of these activities is to ensure enhanced systems and procedures are put in place to prevent a reoccurrence of such incidents in the future and to identify a robust, sustainable business model that will deliver uninterrupted operations upon restart.
On October 3, 2011 the EPA released its report to the Minister entitled Section 46 Report and Recommendation of the Environmental Protection Authority (the 'Section 46 Report'). In the Section 46 Report the EPA states: '...that the current transport and handling methods are more than sufficient to protect human health and the environment' and that 'The transportation of the bulk bags in shipping containers is over and above what is required and is best practice'. The Section 46 Report, which is described in greater detail below, included draft recommended environmental conditions for any future operations at the Magellan Mine and transportation of lead carbonate concentrate from the Magellan Mine. Whilst the EPA stated that: '...the conditions placed on Magellan are much stricter than would normally be required for the transport and monitoring of this type of product', the Company is confident it can develop and implement the necessary systems and processes to meet these draft recommended environmental conditions. The Section 46 Report is now with the Minister who will consult with key stakeholders before making any decision.
The Company cannot, at this time, provide any specific guidance on when the Company will restart operations at the Magellan Mine. The Company does not expect to be in a position to make a decision on restarting the Magellan Mine until after the Minister issues the final operating conditions and Magellan Metals completes a review of these final operating conditions and their potential impact on any restart plans. The Company cannot provide guidance on the timing of the issuance of the final operating conditions by the Minister nor on their content. The length of time between making the decision to restart the Magellan Mine and the actual commencement of operations at the Magellan Mine may be affected by several factors, including the content of the final operating conditions and pre-operational ramp-up. For instance, the final operating conditions may require that Magellan Metals complete certain actions prior to the recommencement of transportation from the Magellan Mine. In addition, following a decision to restart and prior to commencing a restart of operations at the Magellan Mine, Magellan Metals would need to undergo a significant recruiting and training effort. Once the restart of the Magellan Mine has commenced, the Company expects that it would take greater than six months of operations before the mine and processing plant would be operating at full production levels.
The table below summarizes quarterly mine production, process plant production, shipments and inventories for the quarter and year to date.
Three Nine
months months
Three months Three months ended ended
ended March ended June September September
31, 2011 30, 2011 30, 2011 30, 2011
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Mining
Ore mined - 000's tonnes(1) 150 24 - 174
Low grade ore mined - 000's
tonnes(2) 34 8 - 42
Total ore and waste mined -
000's bcm 264 52 - 316
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Processing
Ore milled - 000's tonnes 145 16 - 161
Average head grade - % lead 6.8 7.1 - 6.9
Average recovery - % 74 71 - 73
Concentrate produced - 000's
dry tonnes 11.4 1.3 - 12.7
Concentrate grade - % lead 64 63 - 64
Lead metal in concentrate
produced - 000's tonnes 7.3 0.8 - 8.1
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Sales and inventories
Concentrate sold - 000's dry
tonnes 3.9 2.9 - 6.8
Concentrate grade - % lead 64 65 - 65
Lead metal in concentrate sold
- 000's tonnes 2.5 1.9 - 4.4
Concentrate inventory - 000's
dry tonnes 12.6 10.1 10.1 10.1
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(1) Ore mined does not include low grade ore
(2) Low grade ore is 1.5 to 2.5% lead
Developments Related to the Magellan Mine
Ivernia restarted operations at the Magellan Mine in late February, 2010. A ramp-up of operations took place throughout the year and mining and processing operations continued to January 5, 2011 when a temporary shutdown occurred due to the Order. Mining and processing operations recommenced following an announcement by Ivernia of February 23, 2011 of the lifting of the Order and continued until shortly after a further announcement by the Company on April 5, 2011 stating that all transportation had been voluntarily halted and an orderly shutdown of operations had commenced due to the detection of lead bearing mud on certain shipping containers. With the uncertainty surrounding the results of the mud on containers and what would be the third transportation disruption since December 31, 2010 the decision was made to undertake an end-to-end review of Magellan Metals' compliance systems and business practices before the recommencement of transportation would resume. As such, the Magellan Metals management commenced an orderly shutdown of operations and the mine was placed on care and maintenance.
On April 7, 2011 Magellan Metals had a significant container inventory at the mine site with the majority of these containers containing lead carbonate concentrate in sealed two tonne bags. To avoid incurring additional demurrage charges, Magellan Metals unloaded some of the containers and stored the bagged concentrate at the mine site. This unloading process took place during the months of April, May and June; 250 empty containers were cleaned, inspected and returned to the Port of Fremantle. Magellan Metals also purchased 144 containers that were on site for bagged concentrate storage purposes. As at November 14, 2011 Magellan Metals continues to hold significant bagged lead carbonate concentrate stockpiles at the mine site of approximately 10,100 tonnes which are inspected on a daily basis.
During the current care and maintenance period, the mine and processing plant have been maintained in a state of readiness for a restart of operations and on the basis of minimizing the amount of time required for a ramp-up of operations to full production levels. All process vessels have been drained, flushed and inspected with minor repairs conducted and the process vessels then refilled with water to prevent corrosion. All major equipment including mills, motors, pumps and agitators are operated on a routine basis to ensure that they are in good working order. Power supply has been rationalized in line with reduced power requirements. At the start of the care and maintenance period, all haul roads were secured. The mine has remained in a geotechnically stable condition throughout the care and maintenance period.
Since entering the care and maintenance period, Magellan Metals has substantially completed its internal comprehensive end-to-end review of all its compliance activities and response systems related to the Magellan Mine, including the mining, processing, transporting and management of lead carbonate production and export functions with the final review expected to be completed by the end of November. The objective of the end-to-end review is to prevent an ongoing pattern of temporary disruptions to operations and to further reduce risks associated with the wide range of potential events that can impact on compliance with what the Company believes are the most stringent transport conditions placed on any Western Australian mining operation.
During the fourth quarter of 2011, the Company delivered to the OEPA an internal report on its inquiry into the source and extent of lead bearing mud on containers from April 2011. The inquiry identified that interruptions to Magellan Metal's normal transport routine from late December 2010 to March 2011 resulted in containers being stored at Magellan Metal's Wiluna mine site and the Leonora rail yard for extended and much longer than usual periods. During this time exceptionally heavy rain resulted in mud and water runoff accumulating in areas where containers were stored and mud contacting the containers. Subsequent extremely hot temperatures dried the mud and hardened it on the base of the containers. Attempts to physically sample the mud during the inquiry indicated that the mud was hard baked and required vigorous physical scraping to remove.
These conditions had not previously been encountered during Magellan Metals' sealed, double lined bags in locked shipping container transport process, and risk assessments had not identified this as being a foreseeable risk from the container handling, storage and transport process. The risk of mud baking hard onto containers was therefore not regulated or controlled by the Company's operating conditions and/or the Health, Hygiene, Environmental Monitoring Program that regulates Magellan Metals' transport operations.
Independent inspection of the containers prior to leaving the Magellan Mine did not report or identify the mud they observed on containers as an issue, likely due to their focus on inspecting for lead carbonate concentrate dust.
The mud on the containers is likely to have come from more than one source, and include mud from both the Magellan Mine at Wiluna and the Leonora rail yard. At least some of the lead in the mud originated from the Magellan Mine at some time, most likely from naturally occurring lead carbonate and historical mining and transport operations.
There is no evidence that the source of the lead in the mud was from the double lined bagged lead carbonate concentrate within the locked shipping containers. At no time was there was any risk from the mud on the containers, or its removal, to public safety or to the environment.
Based on the results to date of the Company's end-to-end review and the findings from the Company's internal inquiry into the source and extent of lead bearing mud on containers, the Company has identified a number of minor capital projects, risk reduction exercises, management plan redrafting and internal training exercises that it will undertake prior to restarting operations.
In the fourth quarter of 2011, the Company will continue its internal planning process for a restart of operations; however, as previously mentioned, no decision on a restart of operations can be made until final operating conditions are issued by the Minister. A successful restart will be dependent on ensuring key personnel are in place. The care and maintenance team was carefully selected to ensure core skills were retained to allow for an efficient restart and the care and maintenance personnel are expected to fill key managerial, supervisory and staff roles in processing, maintenance, OHS&E, finance and logistics.
Section 46 Inquiry and Review of Magellan Mine Operating and Transport Conditions
In the third quarter of 2011, as part of working with the EPA on its Section 46 Report, Magellan Metals continued to make submissions to the EPA with respect to proposed amendments to the Health, Hygiene and Environmental Management and Monitoring Programs and the Interim Implementation Conditions.
In October 2011, the EPA released the Section 46 Report detailing its recommendations of the operating conditions for the Magellan Mine ('Draft Recommended Conditions'). The Section 46 Report is available on the EPA website. A link to the Section 46 Report, which includes the Draft Recommended Conditions, can be found on the Magellan Metals' website at: www.magellanmetals.com.au/compliance/ministerial-conditions.aspx.
The Section 46 Report provides EPA recommendations on Magellan Metals' operating conditions for the Minister's consideration. The Minister will now consider the Section 46 Report and decide on the final content of Magellan Metals' operating conditions.
Pursuant to the Environmental Protection Act of 1986 of Western Australia, the Interim Implementation Conditions remain in place pending the Minister's consideration of the Section 46 Report and Draft Recommended Conditions resulting from the full inquiry and review of Magellan Metals' operating conditions by the EPA pursuant to the Section 46 Report. The full text of the Interim Implementation Conditions is posted on the Magellan Metals website at www.magellanmetals.com.au.
The Draft Recommended Conditions contain recommended changes to the Interim Implementation Conditions and recommended conditions that must be satisfied prior to the recommencement of transportation of any lead carbonate concentrate from the Magellan Mine. The Draft Recommended Conditions, in general, preserve and, in some cases, enhance the already strict auditing, monitoring and reporting requirements currently imposed on Magellan Metals.
The Draft Recommended Conditions require that Magellan Metals provide the EPA with a report from an acceptable independent expert summarizing the environmental impacts and parameters of downstream processing options including smelting lead into ingots. While the Company has not changed its historical position with respect to the feasibility of a smelter or refinery, in June of 2011, the Company commenced a new study into the viability of downstream processing of its concentrates given the significant increase in mineral reserves at Magellan in 2011, the changing lead concentrate market and improved economic climate since the last review was completed in 2008. For greater certainty, the Company can provide no guidance on the expected conclusions of the study.
The Company cannot provide any guidance on the content or timing for the finalization of the Minister's review and issuance of the final operating conditions nor can the Company provide any guidance whether the final operating conditions will be materially different from the Draft Recommended Conditions.
Capital Resources and Working Capital Requirements
As at November 9, 2011 the Company had approximately $8.8 million in cash to fund ongoing care and maintenance activities at the Magellan Mine and the costs associated with the restart of the Magellan Mine, if and when a restart decision is made. The Company expects to continue to have negative cash flows during the care and maintenance period. These negative cash flows may be offset by any revenue generated from the sale of stockpiled lead carbonate concentrate held at the Magellan Mine. However, Magellan Metals will not be able to commence the shipping of stockpiles prior to the release of the final operating conditions by the Minister. Further, the final operating conditions, once issued, may require that Magellan Metals fulfill certain conditions to the satisfaction of the regulators prior to the recommencement of transportation from the Magellan Mine. Accordingly, the Company cannot provide any guidance on the timing for the shipment of stockpiles from the Magellan Mine.
As announced on October 3, 2011 due to the uncertainty on restarting the Magellan Mine, the Company reported that it anticipated it will require additional financing. On November 14, 2011 the Company received a non-binding commitment letter signed by Sentient confirming the commitment of Sentient to provide sufficient funding to GSR to allow GSR to subscribe for up to 67.576 million common shares of Ivernia in a non-brokered private placement at a market price to be determined and to close before March 31, 2012. The non-binding commitment is subject to customary conditions, including: approval by the GSR board of directors; negotiation, execution and delivery of definitive legal documents; no order, ruling or decision being issued by a court or regulatory or administrative authority that precludes or restricts the issuance or trading of Ivernia common shares; and receipt by Ivernia of all necessary board, regulatory and stock exchange approvals. The Company intends to invite a number of other institutional and accredited investors who are existing shareholders in the Company the opportunity to participate in a financing on equivalent terms. The Company will seek to raise up to C$10 million in this financing with GSR and other investors.
Management's Discussion and Analysis and Consolidated Financial Statements
Ivernia's unaudited financial statements and management's discussion and analysis for the three months and nine months ended September 30, 2011 were filed today and will be available on the Ivernia website at www.ivernia.com or SEDAR at www.sedar.com.
Conference Call
Management will host a conference call to discuss the Company's results at 10:00 a.m. (Eastern Time) on Tuesday November 15, 2011. The call will be webcast live on the Ivernia website at www.ivernia.com.
Dial-in information for the call is as follows:
Phone: 1 866 713 8567 (Canada and USA) or 1 617 597 5326 (International)
(i) Participant passcode is 68421385
For those unable to participate in the conference call or webcast at the scheduled time, a telephone replay will be available until November 30, 2011 by dialing:
Phone: 1 888 286 8010 (Canada and USA) or 1 617 801 6888 (International)
(i) The playback passcode is: 13758041
A webcast replay will remain available on the Investors section of the Company's 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 Toronto Stock Exchange. Additional information on Ivernia is available on the Company's website at www.ivernia.com and at SEDAR at www.sedar.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws. All statements included herein (other than statements of historical facts) which address activities, events or developments that management anticipates will or may occur in the future are forward-looking statements, including statements as to the following: the duration of the suspension of the Company's transportation of lead carbonate from the Magellan Mine, the duration of the period of care and maintenance commenced in April 2011, future financings, future targets and estimates for production, capital expenditures, operating costs, cash costs, mineral resources, mineral reserves, life of mine, recovery rates, grades and prices, business strategies and measures to implement such strategies, competitive strengths, estimated goals and plans for Ivernia's future business operations, lead market outlook and other such matters. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'contemplate', 'target', 'believe', 'plan', 'estimate', 'expect', and 'intend' and statements that an event or result 'may', 'will', 'can', 'should', 'could' or 'might' occur or be achieved and other similar expressions. These statements are based upon certain reasonable factors, assumptions and analyses made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances.
However, whether actual results and developments will conform with management's expectations is subject to a number of risks and uncertainties, including factors underlying management's assumptions such as, the duration of the suspension of the Company's transportation of lead carbonate from the Magellan Mine, the duration of the period of care and maintenance commenced in April 2011, risks relating to the operations being placed on care and maintenance, the need for additional financing, matters relating the restart of mining and milling operations, matters relating to ramping up mining and milling throughput and operations, regulatory compliance and approvals, metal price volatility, lead carbonate concentrate treatment charges, exchange rates, regulatory proceedings and litigation, the fact that the Company has a single mineral property, resources and reserves, health and safety, environmental factors, mining risks, metallurgy, labour and employment regulations, government regulations, insurance, dependence on key personnel, constraints on cash flow, the nature of mineral exploration and development, matters related to the order to cease transport of lead concentrate and matters relating generally to the transportation of lead carbonate; presence of a majority shareholder; matters related to the Esperance settlement and shipments through the Port of Fremantle; implications stemming from the Esperance inquiry; and common share price volatility and the dilution of the Company's Common Shares. Additional factors and considerations are discussed in the Company's MD&A for the interim period ended September 30, 2011 and in other documents filed from time to time by Ivernia with Canadian securities regulatory authorities. While Ivernia considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These factors may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and there can be no assurance that the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results on the Company. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information as of any other date. Except as required by law, while it may elect to, Ivernia is under no obligation and does not undertake to update this information at any particular time.
Contacts:
Ivernia Inc.
Brent Omland
Vice President, Finance & Chief Financial Officer
(416) 867-9298
investor@ivernia.ca
Ivernia Inc.
Suite 3303, 130 Adelaide Street West
Toronto, Ontario M5H 3P5
www.ivernia.com