Ivernia Inc IVWFF

RE: Griffin Offer

[99921]

When I read this announcement by Griffin I get the impression that they are implying that IVW management has acted in an underhanded fashion when IVW arranged the new financing recently announced. Griffin's conditions are quite onerous - demanding removal of the shareholder rights plan etc. and they imply that the recent  IVW financing proposal will definitely result in new shares being created with resulting dilution etc. I understood that the conversion would only take place if IVW failed to meet its debt obligations in the future - I would be interested in knowing if others interpret it that way.

This offer seems to be very opportunistic on the part of Griffin and definitely on the "unfriendly" side. I have wondered before if large traded volumes of IVW shares meant that a Chinese company was accumulating but YMG (?) was the party under suspicion. I wonder what they would do with their lead purchase commitments to IVW if Griffin took over - I suppose that would all end. I don't know what this offer would mean in terms of cost to Griffin per pound of proven lead in the ground plus all of the operating assets that IVW has created. It will be very interesting to read IVW's response to Griffin's announcement. Maybe this will put IVW "in play" and other buyers will surface.

I found Griffin's reference to paying 15 cents US for shares not tendered to the original offer rather confusing. Are they saying that if you hold out from the original offer and Griffin gets the 50+% they are after that they will then pay you in US funds instead of Canadian?

Interesting times............