Sentient-backed Ivernia inks $30 mln deal to acquire Geo Zone

Ivernia Inc (TSX: IVW) has agreed to acquire Geo Zone Exploration Ltd, a mineral exploration company with assets and properties in the United States, for about US$30 million. In connection with the transaction, Enirgi Group Corp, Ivernia's majority investor, will convert about $12.5 million of outstanding debt owed by the company to Enirgi into common shares. Upon the close of the deal, which is expected in November, Enirgi will have an 85.1 percent interest in Ivernia. Based in Toronto, Ivernia is the sole owner of the Paroo Station Mine in Western Australia. Enirgi is backed by The Sentient Group, a resource private equity firm based in the Cayman Islands.

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