| Ivernia Announces Successful Closing of Acquisition and Timing for Name Change and Share Consolidation | |
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TORONTO, ON--(Marketwired - November 13, 2015) - Ivernia Inc. (collectively, with its subsidiaries "Ivernia" or the "Company") (IVW.TO) is pleased to announce today that it has successfully closed its previously announced acquisition of all of the issued and outstanding common shares of Geo Zone Exploration Limited and the conversion of approximately C$12.464 million of outstanding debt owed by the Company to Enirgi Group Corporation (collectively, the "Transaction") through the issuance of an aggregate of 2,067,910,453 Ivernia common shares ("Ivernia Shares"), as approved at the special meeting of Ivernia shareholders held on October 28, 2015 (the "Meeting"). At the Meeting, shareholders also approved the consolidation (the "Consolidation) of all issued and outstanding Ivernia Shares and a name change from Ivernia Inc. to LeadFX Inc. The Board of Directors have approved a Consolidation ratio of 75:1. Following the Consolidation, there will be approximately 38,253,903 Ivernia Shares issued and outstanding, not accounting for the rounding of fractional shares. The Ivernia Shares are anticipated to trade on a consolidated basis under the new name "LeadFX Inc." and under the new stock trading symbol "LFX" on or about November 18, 2015. No fractional Ivernia Shares will be issued in connection with the Consolidation and, in the event that an Ivernia shareholder would otherwise be entitled to receive a fractional Ivernia Share upon the Consolidation, such fraction will be rounded down to the nearest whole number of Ivernia Shares. In addition, the exercise price and number of Ivernia Shares issuable upon the exercise of outstanding stock options will be proportionately adjusted to reflect the Consolidation. A letter of transmittal will be mailed to registered holders of Ivernia Shares today for the purpose of surrendering share certificates representing their currently outstanding Ivernia Shares and to receive evidence of their post-Consolidation LeadFX common shares in return. For additional details please refer to the Management Information Circular dated September 14, 2015, which has been filed on SEDAR at www.sedar.com and on the Company's website at www.ivernia.com. |
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Ivernia Inc.
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PRODUCER |
CODE : IVW.TO |
ISIN : CA46582W1086 |
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Ivernia is a lead producing company based in Canada. Its main asset in production is MAGELLAN in Australia. Ivernia is listed in Canada and in United States of America. Its market capitalisation is CA$ 8.0 millions as of today (US$ 6.0 millions, € 5.7 millions). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.50, and its lowest recent point on November 17, 2015 at CA$ 0.01. Ivernia has 801 179 968 shares outstanding. |