10:02 AM EST - Ivernia Inc. : is reported to be the target of a cash offer by Griffin Mining Limited’s wholly-owned subsidiary for all of the issued and outstanding Ivernia common shares at a price of $0.15 per share. The total consideration payable under the offer is expected to be about $27 million excluding expenses if the entire offer is accepted. In addition, Griffin is seeking to acquire or repay $33.4 million U.S. of convertible loan notes in the event the offer is successful. The offer price represents a premium of about 25 per cent over the closing price of Ivernia shares on 24 March, 2009 being the last dealing day prior to the date of this announcement and a premium of approximately 26.1 per cent over the average trading price of Ivernia's shares for the previous 20 trading days. Ivernia Inc.
shares T.IVW are trading even at $0.12.
