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Message: Ivernia Closes $18M Financing




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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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