All Dollar Amounts are in U.S. Dollars ("US$") Unless Otherwise Indicated
Ivernia Inc. (collectively with its subsidiaries "Ivernia" or the "Company")
(TSX:IVW) today reported its third quarter 2012 financial results. The Company's
lead mine (the "Mine") continued the planning process for a restart throughout
the third quarter of 2012. As announced on October 11, 2012, plans are well
advanced to restart operations in the second quarter of 2013.
The Company recorded net income after tax of $0.3 million or $0.00 per common
share for the third quarter of 2012, compared to a net loss after tax of $10.8
million or $0.01 per common share for the same period last year.
THIRD QUARTER 2012 HIGHLIGHTS
Financial
-- Gross loss of $1.1 million for the third quarter of 2012 including a
$1.3 million reversal to the prior write-down to inventory net
realizable value mainly as a consequence of the lead price increasing
from $1,811 per tonne at June 30, 2012 to $2,300 per tonne at September
30, 2012.
-- Net income after tax of $0.3 million for the third quarter of 2012. Net
income after tax for the third quarter of 2012 includes a foreign
exchange gain of $2.9 million. The foreign exchange gain was as a
consequence of the A$ strengthening against the US$ in the third quarter
of 2012 with the US$/A$ rate increasing from 1.0236 on June 30, 2012 to
1.0388 on September 30, 2012. Of this foreign exchange gain,
approximately $1.4 million is related to unrealized gains on
intercompany loans in the Company's Australian subsidiaries, denominated
in US$ and C$. These intercompany loans are with wholly owned
subsidiaries of the Company and are eliminated from the Statement of
Financial Position on consolidation. The Company's Australian
subsidiaries functional currency is A$ while Ivernia's reporting
currency is US$.
-- On October 17, 2012, Ivernia announced that Enirgi Group Corporation
("Enirgi Group"), the Company's majority shareholder, had approved the
Company's request to extend the maturity date of the C$6 million secured
loan facility with Enirgi Group (the "Facility") from June 28, 2013 to
June 28, 2014.
-- As at November 7, 2012, the Company had approximately $2.4 million in
cash and had fully drawn down the C$6 million Facility to fund restart
planning and other activities at the Mine. The Company expects to
receive the release of A$5 million in cash from current restricted cash
balances in November which will provide short term funding for restart
activities but will be required to be replaced as restricted cash for
shipping bonds prior to the restart of shipments.
-- The Company will require additional financing to underwrite the restart
of operations, in excess of current cash balances and the proceeds it
will receive from the shipment of lead carbonate concentrate stockpiles
at the Mine. The quantum of the total funding requirement cannot be
finally estimated at this time and will be contingent on the actual net
proceeds received from the sale of lead carbonate concentrate
stockpiles, as well as expected general market conditions at the time,
including but not limited to lead prices, foreign exchange and capital
markets.
-- Initial estimates indicate immediate start-up funding requirements in
the range of approximately $15 to $20 million, which includes the
replacement of A$5 million of restricted cash for shipping bonds.
Ivernia continues to explore a number of financing options to meet these
funding requirements and is aiming to complete a financing in December
2012 or January 2013. The Company is focused on completing a financing
solution that minimizes equity dilution and is well progressed on
discussions with parties on debt solutions.
-- The Company holds approximately 10,100 tonnes of lead carbonate
concentrate inventory with a carrying value of $8.3 million as of
September 30, 2012.
Operational
-- On July 27, 2012, the Company received the Operating Conditions for the
Mine. The Operating Conditions replace and supersede the Interim
Implementation Conditions which were issued on February 23, 2011 and
previous Ministerial Conditions Statements 559 and 783. In general, the
Operating Conditions preserve and, in some cases, enhance the already
strict auditing, monitoring, management and reporting requirements
previously imposed in the Interim Implementation Conditions,
particularly in respect of product transportation.
-- Plans are well advanced to restart operations at the Mine during the
second quarter of 2013.
-- During the fourth quarter of 2012, the Company will commence ordering
long lead time items and consumables as well as commence required
capital projects to restart sustainable operations.
-- It is estimated that the Company will spend approximately $5 to $6
million on capital projects over the course of the next 9 months.
-- Recruitment of key personnel is well progressed and the more general
recruitment planning will continue in the fourth quarter of 2012 with
the recruitment of remaining employees expected to occur in the first
quarter of 2013.
-- During the third quarter of 2012, the Company completed its internal
planning process for a restart of operations in the second quarter of
2013, which includes critical path planning, capital expenditure
requirements and the identification of key recruitment milestones. The
plan was initiated at the end of the third quarter of 2012.
-- The Chairman of Ivernia's principal Australian subsidiary has
recommended to the Ivernia Board of Directors a proposal that day to day
management for the Company's Australian operations (the "Management
Services Proposal") should be provided by Enirgi Metal Group Pty Ltd.
("EMG") under a management services agreement, which once fully
implemented, is expected to lead to direct cost savings in the range of
approximately $3 million to $4 million per annum. Ivernia would retain
full ownership of the Mine.
-- Under the Management Services Proposal, EMG would take the leading role
in managing the restart of operations at the Mine with full production
levels targeted by the end of 2013.
FINANCIAL AND OPERATING HIGHLIGHTS
The following table is a summary of Ivernia's financial and operating highlights
for the three months and six months ended September 30, 2012 and 2011.
Three months ended Six months ended
September 30 September 30
----------------------------------------------------------------------------
(in thousands of United States
dollars, unless otherwise indicated
and per share amounts) 2012 2011 2012 2011
(unaudited) $ $ $ $
----------------------------------------------------------------------------
Financial Highlights
Revenue - (37) - 11,272
Operating costs (1,111) (5,165) (6,173) (31,176)
----------------------------------------------------------------------------
Gross loss (1,111) (5,202) (6,173) (19,904)
----------------------------------------------------------------------------
General and administrative (2,172) (2,245) (7,508) (7,183)
Severance costs - - - (1,127)
Write off of exploration expenditure (5) - (3,431) -
Share based compensation (212) (315) (624) (351)
Foreign exchange 2,931 (21,732) 2,839 (11,598)
Other income (expenses) - (14) - 371
Net interest income (expense) 52 166 255 457
Accretion (129) (160) (386) (526)
----------------------------------------------------------------------------
465 (24,300) (8,855) 19,957
----------------------------------------------------------------------------
Loss before tax (646) (29,502) (15,028) (39,861)
Deferred income tax recovery 956 7,554 4,185 10,359
----------------------------------------------------------------------------
Net loss 310 (21,948) (10,843) (29,502)
Unrealized loss on investments (11) (4) (47) (77)
Foreign currency translation
differences (1,227) 8,556 (1,022) 5,533
----------------------------------------------------------------------------
Comprehensive loss (928) (13,396) (11,912) (24,046)
----------------------------------------------------------------------------
Basic and fully diluted loss per
share(2) 0.00 (0.03) (0.01) (0.05)
----------------------------------------------------------------------------
Weighted average shares outstanding
- thousands 745,131 675,745 745,131 622,848
----------------------------------------------------------------------------
Cash used in operations before
changes in non-cash working capital (4,817) (7,661) (14,419) (23,490)
----------------------------------------------------------------------------
Cash flow used in operating
activities (4,969) (8,711) (14,662) (32,866)
----------------------------------------------------------------------------
Operating Highlights
Ore milled - (000's tonnes) - - - 161
Average head grade - (% lead) - N/A - 6.9%
Recovery - (%) - N/A - 73%
Concentrate produced - (000's dry
tonnes) - - - 12.7
Concentrate sold - (000's dry
tonnes) (1) - - - 7.6
Lead metal in concentrate produced -
(000's tonnes) - - - 8.1
Lead metal in concentrate sold -
(000's tonnes) (1) - - - 4.9
Concentrate inventory - (000's of
dry tonnes) 10.1 10.1 10.1 10.1
Average lead price - LME cash
settlement- ($ per pound) 0.90 1.12 0.91 1.15
Ivernia's average lead sale price -
($ per pound) - - - 1.13
Cash cost per pound sold - ($ per
pound)(3) N/A N/A N/A N/A
----------------------------------------------------------------------------
(1) Ivernia restarted operations at the Mine in late February, 2010. A
ramp-up of operations took place throughout 2010. On April 5, 2011, the
Company voluntarily ceased transportation and operations as a result of
the detection of lead bearing mud on one of its shipping containers.
With the uncertainty surrounding these results and what was the third
transportation disruption since December 31, 2010 the decision was made
to undertake a comprehensive review of its business practices before
the recommencement of transportation would resume. As such, the Mine's
workforce commenced an orderly shutdown of operations and the Mine was
placed on full care and maintenance in April 2011. The operations
remain on care and maintenance as at November 13, 2012.
(2) Per share data was calculated on the basis of the weighted average
shares outstanding (basic and diluted) for the relevant period.
(3) Cash cost per pound sold is a non-IFRS measure. Cash cost of lead sold
is not currently meaningful as the Mine worked through the issues
surrounding transportation and then care and maintenance during 2011
and 2012. Upon the restart of operations and once the Mine achieves
steady state production run rates information about the cash cost of
lead sold will be reintroduced.
OPERATIONS REVIEW
Ivernia restarted operations at the Mine in late February, 2010. A ramp-up of
operations took place throughout 2010. On December 31, 2010, a stop order was
received from the Acting Minister for Environment of Western Australia (the
"Stop Order") relating to the transport of lead carbonate concentrate from the
Mine. Transportation operations from the Mine were immediately halted upon
receipt of the Stop Order. The Stop Order was replaced by a subsequent order
issued on January 3, 2011, from the Minister (the "Order") with respect to
cessation of transportation of lead carbonate concentrate. Mining and processing
operations, were stopped commencing January 5, 2011 until February 23, 2011 when
the Minister announced the lifting of the Order. Following the lifting of the
Order, the Company commenced a ramp up of operations. In April 2011, the Company
announced that it was voluntarily placing the operations on care and maintenance
following the detection of a small amount of lead bearing mud on the outside of
a small number of shipping containers.
The operations remained on care and maintenance in the third quarter of 2012.
Consequently, there was no production or sales of lead carbonate concentrate in
the third quarter of 2012. At the time that the transport operations were
stopped in April 2011, there were approximately 10,100 tonnes of lead
concentrate on site at an estimated average concentrate grade of 64% lead,
containing approximately 6,450 tonnes of lead. This concentrate remains stored
in sealed bags and protected from the weather. Prior to the recommencement of
any shipping operations, the cleanliness and integrity of all bags will be
verified.
Principal activities during the third quarter of 2012 focused on discussions and
other exchanges with the Western Australian government and regulators in
relation to finalizing the issuance of the Operating Conditions for the Mine and
the implementation of the initial steps required to move towards a restart of
operations in the second quarter of 2013.
On July 27, 2012, the Company received the Operating Conditions from the
Minister which, in general were consistent with the draft recommended conditions
("Draft Recommended Conditions") for the Mine that were released by the
Environmental Protection Authority of Western Australia ("EPA"). The Operating
Conditions replace and supersede the Interim Implementation Conditions, which
were issued on February 23, 2011 and the previous Ministerial Statements 559 and
783. See "New Operating Conditions" below.
A full discussion of the events for the three year period to March 29, 2012, is
contained in the 2011 AIF under the heading "Three-Year History - Operations",
and is incorporated herein by reference. The 2011 AIF is available on the
Ivernia web site at www.ivernia.com and on SEDAR at www.sedar.com.
New Operating Conditions
On July 27, 2012, the Company received Ministerial Statement 905 which contains
the Operating Conditions. The Operating Conditions replace and supersede the
Interim Implementation Conditions which were issued on February 23, 2011 and
previous Ministerial Statements 559 and 783.
Pursuant to the Operating Conditions, the Company can ship lead carbonate
concentrate through the Port of Fremantle for only five years from the date of
issuance of the Operating Conditions. The Company is strongly committed
throughout this five year period to demonstrating that containerized shipping of
the Company's product is both safe and appropriate. As with its other regulatory
compliance and approval processes, including maintaining current operating
licences and permits and obtaining approvals to significantly expand or alter
the Mine's operations, the Company will need to demonstrate its sound
environmental performance to maintain current licenses and permits or obtain
approvals for new licenses or renewals for existing licenses. See "Risk Factors
- Regulatory Compliance and Approvals" in the 2011 AIF.
In addition, the Operating Conditions require that certain actions be undertaken
by the Company prior to the re-commencement of transportation of any lead
carbonate concentrate from the mine site. In particular, prior to the
re-commencement of transportation of shipping containers containing lead
carbonate concentrate, the Company must:
-- carry out a risk assessment ("Environmental Risk Assessment") of all key
aspects of the operations regarding the potential pathways for lead
carbonate concentrate contamination and report on such findings to the
Chief Executive Officer ("CEO") of the of the Office of the EPA
("OEPA");
-- prepare and submit to the CEO of the OEPA for approval (and on advice of
the Department of Mines and Petroleum ("DMP") of Western Australia), an
environmental management program ("EMP") which among other things, must
document standards, guidelines and codes of practice relating to
management of lead carbonate concentrate and detail procedures relating
to mining, processing, storing, packaging and transport of lead
carbonate concentrate;
-- engage a third party expert approved by the CEO of the OEPA to carry out
an evaluation of the sampling methodology and analysis methodology
("Sampling Evaluation") for all water, dust, air, soil, drainage sump
and benthic sediment sampling. The Company must also demonstrate that
the recommendations in the third party evaluation have been implemented
or provide the reasons why the recommendations cannot be implemented to
the CEO of the OEPA prior to removing shipping containers containing
lead carbonate concentrate from the mine site; and
-- engage the services of an independent inspector approved by the CEO of
the OEPA to, among other things, visually inspect all sealed bags
containing lead carbonate concentrate and establish and document the
detailed roles and responsibilities of the inspector to the satisfaction
of the CEO of the OEPA, in consultation with the Department of
Environment and Conservation (the "DEC") and DMP ("Inspector Report").
The Company is well progressed on completing the EMP, Sampling Evaluation,
Inspector Report and Environmental Risk Assessment and expects to have these
matters submitted to the CEO of the OEPA by early in the first quarter of 2013.
The Operating Conditions also require that shipping containers be free of all
visible mud potentially containing lead carbonate concentrate prior to being
removed from the mine site and prior to being loaded onto trains at the Leonora
rail yard. The Company expects to complete the design of a significant
hardstanding area in the fourth quarter of 2012 and complete construction in the
first quarter of 2013, to store containers in mud free locations and to upgrade
its facilities to wash and inspect containers prior to their removal from the
mine site. The Company is working with the owners of the Leonora rail yard to
define improvements and changes to the operation of the facility to reduce the
exposure of containers to mud and to ensure that containers are inspected prior
to being loaded onto the rail wagons.
The Operating Conditions also require that the Mine provide to the CEO of the
OEPA, by January 31, 2013, a report detailing options for downstream processing
of lead carbonate concentrate that, among other things, details the available
options against best environmental practice (the "Downstream Processing
Report"). The Downstream Processing Report must be peer reviewed by an
independent expert acceptable to the CEO of the OEPA. In 2011, the Company
commissioned and received a process selection study from an independent third
party engineering firm. In January 2012, the Company delivered its preliminary
findings to the OEPA and the Minister. The findings are preliminary as they
require further studying of the environmental impact of a downstream processing
facility by the Company. The preliminary findings of such study were that at
current lead prices and exchanges rates, downstream processing of lead produced
from the Mine remains uneconomic. The Company anticipates that the current study
will form the basis for the Downstream Processing Report, however, further work
is required to study the environmental impacts of a facility as required by the
Operating Conditions.
Mine Update and Restart Planning
During the current care and maintenance period, the mine and processing plant
have been maintained in a state of readiness for a restart of operations and on
the basis of minimizing the amount of time required for a ramp-up of operations
to full production levels. All process vessels have been drained, flushed and
inspected with minor repairs conducted and the process vessels then refilled
with water to prevent corrosion. All major equipment including mills, motors,
pumps and agitators are operated on a routine basis to ensure that they are in
good working order. The power supply has been rationalized in line with reduced
power requirements. At the start of the care and maintenance period, all haul
roads were secured. Access to the open pits has been limited to authorised
personnel and regular inspections indicate that the pits have remained in
geotechnically stable condition throughout the care and maintenance period.
During the third quarter of 2012, the Company completed its internal planning
process for a planned restart of operations in the second quarter of 2013, which
includes critical path planning, capital expenditure requirements and the
identification of key recruitment milestones. The plan was initiated at the end
of the third quarter of 2012.
A successful restart will be dependent on ensuring key personnel are in place.
The care and maintenance team was carefully selected to ensure core skills were
retained to allow for an efficient restart and the care and maintenance
personnel are expected to fill key managerial, supervisory and staff roles in
processing, maintenance, OHS&E, contracts, HR, finance and logistics. A
restructured organization chart has been designed to meet the increased
compliance and assurance programs upon a restart. Recruitment of key personnel
is well progressed and the more general recruitment planning will continue in
the fourth quarter of 2012 with the recruitment of remaining employees expected
to occur in the first quarter of 2013.
During the fourth quarter of 2012, the Company will continue the recruitment of
key personnel and continue to implement the detailed restart planning required
to restart operations. The Company is well progressed to commence operations in
the second quarter of 2013.
The Chairman of Ivernia's principal Australia subsidiary has recommended to the
Ivernia Board of Directors the Management Services Proposal. Under the
Management Services Proposal, Enirgi Group would assume responsibility for
Ivernia's leased office space in Toronto and for employing Ivernia's officers.
Ivernia would reimburse Enirgi Group the pro rated costs for the officers'
salaries and applicable expenditures incurred on its behalf. In addition, the
day to day management for the Mine is proposed to be provided by EMG. Under the
Management Services Proposal Ivernia would retain full ownership of the Mine.
EMG is the largest secondary lead smelting group in Australia with its two
secondary lead smelters in Eastern Australia and has a wealth of knowledge and
experience in the lead industry.
Under the Management Services Proposal, EMG expects to deliver increased
technical and operating experience, executive management and economies of scale
from being part of a larger group. The restructuring of operations under EMG
management is expected to deliver significant cost savings. Management estimates
that this restructuring, once fully implemented will lead to direct cost savings
in the range of approximately $3 million to $4 million per annum, predominately
from the benefit of shared resources and the elimination of duplicated functions
and will provide further significant indirect value that cannot be financially
measured at this time.
Under the Management Services Proposal, EMG would take the leading role in
managing the restart of operations, with a restart of operations planned in
stages during the second quarter of 2013 with full production targeted by year
end. While the Company anticipates finalizing the Management Services Proposal
in the fourth quarter of 2012 with Enirgi Group, it remains subject to the
negotiation of definitive agreements, Ivernia Board approval and the receipt of
any other required approvals.
Capital Resources and Working Capital Requirements
As at November 7, 2012 the Company had approximately $2.4 million in cash to
fund restart planning activities and any costs associated with the restart of
the Mine. The Company expects to receive the release of A$5 million in cash from
current restricted cash balances in November which will provide short term
funding for restart activities but will be required to be replaced as restricted
cash for shipping bonds prior to the restart of shipments. The Company expects
to continue to have negative cash flows until the Company has restarted the Mine
and has positive cashflow from operations. Plans are well advanced to restart
operations during the second quarter of 2013. It is estimated that the Company
will spend approximately $5 to $6 million on capital projects over the course of
the next nine months. Recruitment of key personnel is well progressed and the
more general recruitment planning will continue in the fourth quarter of 2012
with the recruitment of remaining employees expected to occur in the first
quarter of 2013.
The Company will require additional financing to underwrite the restart in
excess of current cash balances and the proceeds it will receive from the
shipment of lead carbonate concentrate stockpiles at the mine site. The quantum
of the total funding requirement cannot be finally estimated at this time and
will be contingent on the actual net proceeds received from the sale of lead
carbonate concentrate stockpiles as well as expected general market conditions
at the time, including but not limited to lead prices, foreign exchange and
capital markets. However, initial estimates now indicate immediate start-up
funding requirements in the range of approximately $15 to $20 million, which
includes the replacement of A$5 million of restricted cash for shipping bonds.
Ivernia continues to explore a number of financing options to meet these funding
requirements and is aiming to complete a financing in December 2012 or January
2013. The Company is focused on completing a financing solution that minimizes
equity dilution and is well progressed on discussions with parties on debt
solutions.
Conference Call
Management will host a conference call to discuss the Company's results at 10:00
a.m. (Eastern Time) on Wednesday November 14, 2012. The call will be webcast
live on the Ivernia website at www.ivernia.com.
Dial-in information for the call is as follows:
Phone: 1 866 202 4367 (Canada and USA) or +1 617 213 8845 (International)
(i) Participant passcode is 60990070
For those unable to participate in the conference call or webcast at the
scheduled time, a telephone replay will be available until November 21, 2012 by
dialing:
Phone: 1 888 286 8010 (Canada and USA) or +1 617 801 6888 (International)
(i) The playback passcode is: 99917929
A webcast replay will remain available on the Investors section of the Company's
website at www.ivernia.com.
Management's Discussion and Analysis and Consolidated Financial Statements
Ivernia's unaudited financial statements and management's discussion and
analysis for the three months and nine months ended September 30, 2012 were
filed today and will be available on the Ivernia website at www.ivernia.com or
SEDAR at www.sedar.com.
About Ivernia
Ivernia is an international base metal mining company which, through its
wholly-owned subsidiary, Rosslyn Hill Mining Pty Ltd. (formerly called Magellan
Metals Pty Ltd.), is the sole owner and operator of the Paroo Station lead mine
(formerly called the Magellan Mine) (the "Mine") in Western Australia, which is
the Company's principal asset.
Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange. Additional
information on Ivernia is available on the Company's website at www.ivernia.com
and at SEDAR at www.sedar.com.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking
information within the meaning of securities laws. All statements included
herein (other than statements of historical facts) which address activities,
events or developments that management anticipates will or may occur in the
future are forward-looking statements, including statements as to the following:
the Ivernia Board's approval, the execution of a definitive agreement and
receipt of any other necessary approvals with respect to the Management Services
Proposal with Enirgi Group, the direct and indirect cost savings from the
Management Services Proposal from Enirgi Group, the decision to restart and
timing of the restart of operations, the financing requirements to restart the
Mine, the cost and timing for completion of capital projects prior to restart,
the timing of any steps required under the Operating Conditions before the end
of the suspension of the Company's transportation of lead carbonate from the
Mine, the Company's ability to comply with the new Operating Conditions, the
duration of the period of care and maintenance commenced in April 2011 and the
commencement of transportation of lead carbonate concentrate from the Mine,
future targets and estimates for production, capital expenditures, operating
costs, cash costs, mineral resources, mineral reserves, life of mine, recovery
rates, grades and prices, business strategies and measures to implement such
strategies, competitive strengths, estimated goals and plans for Ivernia's
future business operations, lead market outlook and other such matters.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "contemplate", "target", "believe", "plan",
"estimate", "expect", and "intend" and statements that an event or result "may",
"will", "can", "should", "could" or "might" occur or be achieved and other
similar expressions.
These statements are based upon certain reasonable factors, assumptions and
analyses made by management in light of its experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors management believes are appropriate in the circumstances.
However, whether actual results and developments will conform with management's
expectations is subject to a number of risks and uncertainties, including
factors underlying management's assumptions, such as, the duration of the
suspension of the Company's transportation of lead carbonate from the Mine, the
duration of the period of care and maintenance commenced in April 2011, the
timing, need and ability to raise additional financing, risks relating to the
operations being placed on care and maintenance, matters relating the restart of
mining and milling operations, matters relating to ramping up mining and milling
throughput and operations, regulatory compliance and approvals, metal price
volatility, lead carbonate concentrate treatment charges, exchange rates,
regulatory proceedings and litigation, the fact that the Company has a single
mineral property, resources and reserves, health and safety, environmental
factors, mining risks, metallurgy, labour and employment regulations, government
regulations, insurance, dependence on key personnel, constraints on cash flow,
the nature of mineral exploration and development, matters relating generally to
the transportation of lead carbonate, presence of a majority shareholder,
matters related to public opinion, matters related to the Esperance settlement
and shipments through the Port of Fremantle, and common share price volatility
and the dilution of the Company's common shares. Additional factors and
considerations are discussed in the Company's 2011 AIF under "Description of the
Business of the Company - Risk Factors" and elsewhere in in other documents
filed from time to time by Ivernia with Canadian securities regulatory
authorities. While Ivernia considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
factors may cause the actual results of the Company to differ materially from
those discussed in the forward - looking statements, and there can be no
assurance that the actual results or developments anticipated by management will
be realized or, even if substantially realized, that they will have the expected
results on the Company. Undue importance should not be placed on forward-looking
information nor should reliance be placed upon this information as of any other
date. Except as required by law, while it may elect to, Ivernia is under no
obligation and does not undertake to update this information at any particular
time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ivernia Inc.
Brent Omland
Vice President, Finance & Chief Financial Officer
(416) 867-9298
investor@ivernia.ca
www.ivernia.com
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