IVERNIA INC. ANNOUNCES PARTIAL CONVERSION AND EXTENSION OF
THE MATURITY DATE ON ITS SECURED CONVERTIBLE NOTES

TORONTO, ONTARIO – March 31, 2008 – Ivernia Inc. (“Ivernia” or the “Company”) (TSX:IVW) today announced it has reached an agreement with the syndicate of lenders (“Lenders”), including two of the Company’s largest shareholding groups – The Sentient Group and clients of investment advisor Ingalls and Snyder, for the partial conversion and extension of the maturity date on the existing $50 million secured convertible notes issued on
April 27, 2007 (the “Notes”).

The full wording is available on the IVW Web site.