Sentient II announces transfer of convertible notes of Ivernia Inc. from Sentient I



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

    MONTREAL, Nov. 16 /CNW Telbec/ - Sentient Global Resources Fund II, L.P.
and Sentient Global Resources Trust II (collectively, "Sentient II") announce
that they acquired from Sentient Global Resources Fund I, L.P. and Sentient
Global Resources Trust No. 1 (collectively, "Sentient I"), an aggregate
principal amount of up to US$25,000,000 of convertible notes of Ivernia Inc.
("Ivernia"). The notes are convertible into common shares of Ivernia at a
conversion price of US$1.08 per share. Assuming the conversion in full of the
maximum principal amount of the notes, Sentient II would acquire 23,148,149
shares of Ivernia.
    The notes bear interest at a rate of 9.25% per annum and mature on
April 27, 2008.
    As of the date hereof, Sentient II beneficially owns (excluding shares
issuable on conversion of the notes) or has control or direction over
1,464,710 common shares of Ivernia (representing less than 1% of the common
shares of Ivernia issued and outstanding). Sentient I currently beneficially
owns or has control or direction over 24,323,957 common shares of Ivernia.
    Sentient II acquired the notes for investment purposes only and not with
a view to materially affecting control of Ivernia. Sentient II has no present
intention of acquiring beneficial ownership or control over additional common
shares of Ivernia.




For further information:

For further information: Sue Bjuro, (345) 946-0933

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SENTIENT GLOBAL RESOURCES FUND II, L.P.

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