Sentient III Announces Purchase of Convertible Notes of Ivernia Inc.


    MONTREAL, May 8 /CNW Telbec/ - Sentient Executive GP III, Limited (for
the general partner of Sentient Global Resources Fund III, L.P. and SGRF III
Parallel I, L.P.) (collectively, "Sentient III") announces it has committed to
purchase US$4 million principal amount of convertible notes (the "Notes")
issued by Ivernia Inc. (the "Company"). Closing of the transaction is expected
to take place May 29, 2009. The Notes mature on April 27, 2013 and the
principal amount thereof is convertible into common shares of the Company (the
"Common Shares") at a conversion price of US$0.11 per share. The Notes bear
interest at 8% per annum, payable annually. Fifty percent of the accrued
interest in respect of the Notes can be, at the option of the Company, payable
in kind in the form of Notes. The Notes are secured by a first charge on the
Company's assets.
    Under relevant securities laws, Sentient Executive GP I Limited (for the
general partner of Sentient Global Resources Fund I, L.P.) ("Sentient I"),
Sentient Executive GP II, L.P. (for the general partner of Sentient Global
Resources Fund II, L.P. and as custodian of Sentient Global Resources Trust
II) ("Sentient II") and Sentient (Aust) Pty Limited (as trustee for Sentient
Global Resources Trust I) ("Sentient Pty"), related entities of Sentient III,
may be considered as acting jointly or in concert with Sentient III.
    Sentient III, Sentient I, Sentient II and Sentient Pty have control or
direction over 35,047,927 Common Shares in the aggregate (representing
approximately 19.5% of the outstanding Common Shares), excluding Common Shares
issuable on any future conversion of the Notes and, assuming conversion of the
Notes and the $16.9 million principal amount of convertible notes of the
Company currently held by Sentient II (but without giving effect to the
payment of interest in kind thereon), would have control or direction over
225,047,926 Common Shares (representing approximately 41.7% of the outstanding
Common Shares, on a fully diluted basis).
    Sentient III acquired the Notes for investment purposes only and not with
a view to materially affecting control of the Company. Sentient III has no
present intention of acquiring beneficial ownership or control over additional
Common Shares.

For further information:

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

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Sentient Executive GP III Limited

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