Ivernia Inc IVWFF

Notes

[99921]

From IVW site:

IVERNIA COMPLETES AMENDMENT AND RESTATEMENT OF CONVERTIBLE NOTES
Completes the issue of US$23.4 million amended and restated notes
Completes the issue of US$5 million in new funding


TORONTO, ONTARIO – March 27, 2009 – Ivernia Inc. (TSX: IVW) announces that it has completed the
amendment and restatement of its existing secured convertible notes (the “Notes”) held by Sentient Global
Resource Fund II (“Sentient”) and Ingalls & Snyder. The maturity dates of the Notes have been extended
from April 27, 2009 to April 27, 2013 and certain other terms have been amended as detailed in the press
release issued March 20, 2009.

Additionally, Ivernia has completed the issue of US$5 million in amended new Notes to Sentient. As stated
in the March 20, 2009 press release, Sentient has also agreed to purchase up to an additional US$5 million
of new Notes, which will be reduced by an amount equal to the principal amount of Notes which the
Company sells to qualified investors on a best efforts basis. New Notes in the principal amount of
US$400,000 were issued to Sentient today in consideration for providing the backstop. In addition, the
Company may issue up to an additional US$5 million in new Notes to other investors if there is sufficient
demand. Commitments for additional Notes must be received no later than May 8, 2009. Prior to giving
effect to the up to US$5 million of new Notes that may be purchased by Sentient under the backstop
commitment; Sentient now holds US$16.9 million in Notes.

Advisors

RBC Capital Markets and Stikeman Elliott are Ivernia’s financial and legal advisors, respectively, regarding
the transactions.