Ivernia Aims to Ship in 2008

Article Excerpt

IVERNIA INC. $1.75 (Toronto symbol IVW; SI Rating: Speculative)(416-867-9298; www.ivernia.com; Shares outstanding: 146.9 million; Market cap: $257.1 million) plans to sell 14.7 million shares at $1.50 to China’s Yunnan Metallurgical Group for $22 million. That will increase Ivernia’s shares outstanding by 10%. Ivernia suspended production at its Magellan mine in Australia in April 2007 pending government investigations into bird fatalities due to lead poisoning at the Port of Esperance. Ivernia previously trucked its lead concentrate 700 kilometers to Esperance, on the south coast of Western Australia. Ivernia is now seeking approval to export its lead concentrate in sealed shipping containers through the Port of Fremantle. Ivernia believes that the government will respond positively to this request, and let it resume shipping lead next year. Ivernia is still a buy, but for aggressive investors. investors…