GREEN SEA RESOURCES INC. ACQUIRES ADDITIONAL SHARES OF IVERNIA INC.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

News ReleaseAll dollar amounts in this release are expressed in Canadian Dollars

TORONTO, May 27, 2011 /CNW Telbec/ - Green SEA Resources Inc. ("GSR") announces that, in connection with a private placement of common shares (the "Offering") announced by Ivernia Inc. ("Ivernia") on May 12, 2011, it has acquired 93,370,682 common shares ("Ivernia Shares") of Ivernia on May 27, 2011, representing approximately 16% of the common shares of Ivernia outstanding immediately prior to the closing of the Offering.

As a result, GSR owns and controls 371,318,610 common shares of Ivernia, representing approximately 54.96% of the outstanding common shares of Ivernia.

In connection with the Offering, GSR entered into a private placement subscription agreement with Ivernia setting out the price and general terms of the investment, customary for transactions of this nature. GSR acquired the Ivernia Shares for investment purposes only and solely in connection with the Offering made by Ivernia. GSR paid an aggregate of $20,000,000 for the Ivernia Shares ($0.2142 per Ivernia Share). In connection with the subscription of the Ivernia Shares, GSR was entitled to receive a $1,000,000 commitment fee, which fee was deducted from the aggregate subscription price of the Ivernia Shares.

GSR subscribed for the Ivernia Shares pursuant to section 2.10 of National Instrument 45-106 - Prospectus and Registration Exemptions as the acquisition cost to GSR for the Ivernia Shares exceeds the prescribed minimum investment amount.

GSR is a private Canadian company wholly-owned within the Sentient Group of Global Resource Funds.

A copy of GSR's early warning report ("Report") with respect to the acquisition of the Ivernia Shares will be filed in the ordinary course under the Ivernia profile on SEDAR at www.sedar.com. The Report will amend GSR's previously filed early warning report dated February 28, 2011.



SOURCE GREEN SEA RESOURCES INC.

For further information:

Katherine Maclean at Green SEA Resources Inc. in Toronto, Canada -- telephone (+1) 416 365 2783

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GREEN SEA RESOURCES INC.

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