Ivory Energy Inc.
TSX VENTURE : IV

Ivory Energy Inc.

June 30, 2008 15:51 ET

Ivory Energy Inc.: Bridge Loan Facility

CALGARY, ALBERTA--(Marketwire - June 30, 2008) - Ivory Energy Inc. (TSX VENTURE:IV) announces that it has signed a term sheet for a secured bridge loan facility with Ionic Capital Corp. for the principal amount of $3,720,000. The use of proceeds will be to restart and complete 24 oil wells and to initiate Ivory's drilling program in the Silverdale, Saskatchewan area. The Facility is payable on or before July 31, 2009. The Facility bears and interest rate of 12% per annum. Closing is expected to occur on or about July 18, 2008 and is subject to certain conditions precedent. In consideration of the Facility, Ionic will receive a bonus payment of 12% of the principal payable in the form of common shares of Ivory at closing. The shares shall be valued using a 10% discount to the 10 day average closing price of Ivory's common shares as of July 16, 2008.

Ivory Energy Inc. is a Saskatchewan heavy oil producer that is developing its oil properties, cash flow and reserves through low risk re-completions, workovers, infill drilling, and utilizing enhanced oil recovery methods. Ivory has an inventory of over 50 infill and step-out locations on its oil properties.

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

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