Secures Commitment for $18 Million in New Funding
TORONTO, ONTARIO -- (Marketwire) -- 01/11/11 -- All dollar amounts in this release are expressed in Canadian Dollars
Ivernia Inc. (TSX: IVW) ('Ivernia' or the 'Company') today announced that it has entered into an agreement with Sentient Executive GP III, Limited ('Sentient') pursuant to which Sentient has agreed to purchase 52.9 million Ivernia common shares ('Common Shares') at a price of $0.34 per Common Share (the 'Offering') for gross proceeds of approximately $18 million. The terms of the Offering provide that Sentient will also be paid a commitment fee of $899,300, equating to $0.017 per Common Share, to be deducted from the gross proceeds of the Offering. The Offering will be completed by way of a non-brokered private placement and subject to required Toronto Stock Exchange approvals.
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