/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR
DISSEMINATION IN THE UNITED STATES/
MONTREAL and TORONTO, Feb. 25 /CNW Telbec/ - Sentient Executive GP III,
Limited (for the general partner of Sentient Global Resources Fund III,
L.P. and for the general partner of SGRF III, Parallel I, L.P.)
(collectively, "Sentient III") announces that, as a follow-up to the internal reorganization
announced on December 10, 2010, it has transferred 52,900,000 common
shares of Ivernia Inc. ("Ivernia") on February 25, 2011 to Green SEA Resources Inc. ("GSR"), a related entity of Sentient III. The internal reorganization was
effected pursuant to an exempt take-over bid as the purchase was made
from not more than five persons none of whom are resident in Canada.
As a result, Sentient III has ceased to have control or direction over
any securities of Ivernia. GSR has acquired ownership of 52,900,000
common shares of Ivernia (representing approximately 9.09% of the
outstanding common shares of Ivernia) and as a result, currently owns
277,947,928 common shares of Ivernia (representing approximately 47.74
% of the outstanding common shares of Ivernia).
GSR acquired the 52,900,000 common shares of Ivernia for investment
purposes only and not with a view to materially affecting control of
Ivernia. GSR has no present intention of acquiring beneficial
ownership or control over additional securities of Ivernia.
SOURCE SENTIENT EXECUTIVE GP III LIMITED
For further information:
please contact Sue Bjuro at (345) 946-0933 for inquiries related to Sentient and Fiona Childe, Vice President, Communications, Green SEA Resources Inc. at (416) 365-2783 for inquiries related to GSR.