Levon Resources

Published : March 26th, 2011

COMPLETES ACQUISITION OF VALLEY HIGH VENTURES

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Keywords :   Canada | Gold Mine |

 

LEVON RESOURCES COMPLETES ACQUISITION OF VALLEY HIGH VENTURES

Vancouver, BC ? March 25, 2011 ? Levon Resources Ltd. ("Levon") and Valley High Ventures Ltd. ("Valley High" or ?VHV?) are pleased to jointly announce the completion of the acquisition of VHV by Levon. Levon has acquired all of the shares of Valley High pursuant to a court-approved plan of arrangement (the "Arrangement"). The transaction was overwhelmingly approved by VHV?s shareholders and optionholders who voted at VHV's annual and special meeting on March 22, 2011.

Ron Tremblay, President and Chief Executive Officer of Levon said, "We have consolidated and simplified ownership of our flagship Cordero Project in Mexico, and are fully funded with $21 million in cash to continue aggressively pursuing exploration at Cordero with our 59,000m Phase 3 drill program. We welcome Valley High shareholders as shareholders of Levon.?

Under the terms of the Arrangement, effective today, each former VHV shareholder will receive 1.0 share of Levon and 0.125 of a share of a new exploration company, Bearing Resources Ltd. ("Bearing") for each VHV share held.   Options of Valley High not exercised prior to completion of the arrangement were deemed to have been exercised on a cashless basis for Levon shares.  In accordance with their terms, outstanding warrants of VHV will automatically be adjusted so that, upon exercise subsequent to completion of the transaction, for each Valley High share that would previously have been issued, the warrantholder will receive 1.0 of a Levon share but, instead of receiving 0.125 of a share of Bearing, the exercise price of the warrant will be reduced by the fair value of 0.125 of a Bearing share.

Levon issued 73,322,636 common shares pursuant to the Arrangement. Former VHV shareholders now hold approximately 43% of the issued and outstanding shares of Levon with the existing Levon shareholders now holding approximately 57% on a fully-diluted basis. VHV shareholders now also own 100% of the Bearing shares and Bearing now owns all of VHV's exploration assets outside of the Cordero Project (as defined in the Arrangement Agreement), as well as $1.8 million in cash.  Levon now owns 100% of the Cordero Project..

In order to receive the Levon common shares to which they are entitled, former registered holders of VHV shares must complete and return to Computershare Trust Company of Canada a letter of transmittal together with their certificates representing their VHV shares and otherwise follow the instructions contained in VHV's management information circular dated February 18, 2011, which is available on VHV's profile on SEDAR at www.sedar.com in order to obtain certificates representing Levon shares and Bearing shares to which they are entitled pursuant to the Arrangement.

About Levon:

Levon Resources is a precious and base metals exploration company focused on exploring and developing the Cordero silver, gold, zinc and lead project in the state of Chihuahua, Mexico. The company also holds the Norma Sass and Ruf claims, located in the heart of Nevada?s Cortez Gold Trend near Barrick Gold?s Pipeline gold mine, and key land positions in the productive Bralorne gold camp of southwest British Columbia, Canada

For further information contact Levon Resources Ltd. at (604) 682-3701, or log onto our website www.levon.com.

 

LEVON RESOURCES LTD

"Ron Tremblay"
_________________________________________
Ron Tremblay, President & Chief Executive Officer

 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

http://oniva.xplorex.com/modules/newsletter/trackdeliveryresults.jsp?email=newsrelease@24hgold.com&sendingid=218.

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Levon Resources

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CODE : LVN.V
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Levon is a silver and zinc development stage company based in Canada.

Levon holds various exploration projects in Canada.

Its main exploration properties are CONGRESS PROPERTY, EAGLE CLAIMS (CORRALL CANYON), NORMA SASS CLAIMS, RUF, BRX (GOLD BRIDGE AREA) and MT. POLLEY in Canada and CORDERO-SANSON in Mexico.

Levon is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 186.9 millions as of today (US$ 187.0 millions, € 141.7 millions).

Its stock quote reached its lowest recent point on January 23, 2009 at CA$ 0.05, and its highest recent level on April 21, 2011 at CA$ 2.38.

Levon has 198 821 000 shares outstanding.

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Annual reports of Levon Resources
2008 Annual report
Annual Reprot 2007
Financings of Levon Resources
7/31/2009Closes $800,000 Non Brokered Private Placement
6/22/2009Non-brokered private placement to advance Cordero project an...
Nominations of Levon Resources
3/29/2011WELCOMES TWO NEW BOARD MEMBERS
2/24/2009APPOINTMENT OF VICE PRESIDENT - EXPLORATION
9/10/2007NEW APPOINTMENT TO THE BOARD OF DIRECTORS
Project news of Levon Resources
4/5/2017to Complete Resource Infill Drilling to Test a Starter Pit S...
5/5/2011(Congress Property)Clarifies Technical Disclosure Related to Its Congress Prope...
3/17/2011(Cordero-sanson)Discovers High Grade Contact Replacement Style Mineralizatio...
4/7/2010(Cordero-sanson)Phase 2 Drilling at Cordero Project
9/2/2009(Cordero-sanson)Trenching expands targets at Cordero Project, Mexico
6/10/2009(Cordero-sanson)Exploration at Cordero Discovers New Zone and Expands the Di...
3/2/2009(Cordero-sanson) & Valley High Begin Work at the Cordero Silver, Gold, Lead,...
Corporate news of Levon Resources
6/27/2011LEVON'S WARRANTS EXERCISED IN FULL
6/21/2011Reports First Bulk Tonnage NI 43-101 Compliant Resource at I...
5/19/2011ANNOUNCES CLOSING OF $40,170,000 OFFERING
4/30/2011Accelerates the Expiry of Former Valley High Warrants
4/28/2011ACCELERATES EXPIRY OF WARRANTS
4/13/2011We Will Be Moving Thursday April 14th
4/11/2011RESOURCED LTD. INCREASES SIZE OF BOUGHT DEAL FINANCING TO $4...
3/26/2011COMPLETES ACQUISITION OF VALLEY HIGH VENTURES
3/22/2011ANNOUNCES THAT VALLEY HIGH SHAREHOLDERS AND OPTION HOLDERS A...
2/12/2009JOINT VENTURE WITH VALLEY HIGH VENTURES AT THE CORDERO PROPE...
1/23/2009EARLY WARNING REPORT
11/5/2008Letter to the Shareholders
9/24/2008CONGRESS PROPERTY, BC DRILLING SUMMARY REPORT RELEASED
8/28/2007Announces Investor Relations Agreement
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