Ivernia Closes Previously Announced FinancingTORONTO, ONTARIO – December 8, 2011 - Ivernia Inc. (TSX: IVW) (“Ivernia” or the “Company”)today announced that it has closed its previously announced financing with Green SEA ResourcesInc. (“GSR”), pursuant to which GSR purchased 67,570,000 Ivernia common shares (“CommonShares”), and an additional investor purchased 1,800,000 Common Shares at a price of
.085 perCommon Share (the “Offering”). The Company received approximately $5.9 million in net proceeds.The Offering was completed by way of a non-brokered private placement.As described in the Company press release dated November 21, 2011, the proceeds of the Offeringwill be used to strengthen Ivernia’s financial position generally and specifically to provide workingcapital to fund the care and maintenance period at the Magellan Mine.GSR is a private Canadian company wholly owned within the Sentient Group of Global ResourceFunds. Following the closing of this financing GSR currently holds, to the best of management’sknowledge, 438,888,610 Common Shares, or approximately 58.9% of Ivernia’s outstanding CommonShares.About Ivernia:Ivernia is an international base metal mining company and the owner of the Magellan Mine, located inWestern Australia.Ivernia trades under the symbol “IVW” on the TSX. Additional information on Ivernia is available onthe Company's website at
www.ivernia.com and at SEDAR at
www.sedar.com.