Ivernia Closes $18M Financing

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

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Ivernia Closes $18M Financing

posted on Jan 13, 2011 05:38PM

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ccnm

TORONTO, ONTARIO--(Marketwire - Jan. 13, 2011) -

All dollar amounts in this release are expressed in Canadian Dollars

Ivernia Inc. (TSX:IVW) ("Ivernia" or the "Company") today announced that it has closed its financing with Sentient Executive GP III, Limited ("Sentient") previously announced by the Company on January 11, 2011. Sentient has purchased 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. Under the terms of the Offering, Sentient was paid a commitment fee of $899,300, equating to $0.017 per Common Share, which was deducted from the gross proceeds of the Offering. The Offering was completed by way of a non-brokered private placement.

As summarized in a Company news release dated January 11, 2011, net proceeds of the Offering will be used to strengthen Ivernia's financial position generally and specifically to provide working capital to fund Magellan Metals Pty Ltd, a wholly-owned subsidiary of the Company, during the temporary shutdown of the Magellan Mine in Western Australia.

About Ivernia:

Ivernia is an international base metal mining, exploration and development company.

Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange. Additional information on Ivernia is available on the Company's website at >www.sedar.com.

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Ivernia Closes $18M Financing