Ivory Energy Inc.
TSX VENTURE : IV

Ivory Energy Inc.

January 15, 2007 09:00 ET

Ivory Energy Closes $6.1-Million Private Placement

CALGARY, ALBERTA--(CCNMatthews - Jan. 15, 2007) - Ivory Energy Inc. (TSX VENTURE:IV) announces it has closed on two financings for gross proceeds of $6,150,000.

The company closed a non-brokered private flow-through placement priced at $0.85 per unit for gross proceeds of $2,460,000. Each flow-through unit is comprised of one flow-through share and one half of one share purchase warrant. Each whole warrant is exercisable into one additional common share of the company for a period of 12 months at a price of $1.00 per share.

The company has also closed a non-brokered private common share placement priced at $0.75 per unit for gross proceeds of $3,690,000. Each unit is comprised of one common share and one half of one share purchase warrant. Each whole warrant is exercisable into one additional common share of the company for a period of 24 months at a price of $1.00 per share during the first year and at a price of $1.25 per share during the second year.

Proceeds from the private placement will be used to finance the company's exploration activities as well as the continued development of our producing oil and gas properties in Alberta and Saskatchewan.

This news release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated is such statements.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

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