Levon Securityholders Approve Arrangement
VANCOUVER, British Columbia, July 26, 2019 (GLOBE NEWSWIRE) -- Levon Resources Ltd. (TSX:LVN) (OTCQX:LVNVF) (“Levon”) is pleased to announce the voting results from its special meeting of securityholders (the “Meeting”) held earlier today concerning the arrangement agreement between Levon and Discovery Metals Corp. (“Discovery”) (TSXV: DSV).
At the Meeting, holders of Levon common shares (each, a “Levon Shareholder”), warrants and options (collectively, “Levon Securityholders”) were asked to consider and, if deemed advisable, pass a special resolution (the “Arrangement Resolution”) approving a plan of arrangement under section 288 of the Business Corporations Act (British Columbia) whereby, among other things: (a) Levon Shareholders will receive, for each common share of Levon (each, a “Levon Share”) held, 0.55 of a Discovery common share; and (b) Levon will be amalgamated with a wholly-owned subsidiary of Discovery and Discovery will indirectly acquire all of the issued and outstanding Levon Shares (the “Arrangement”).
The Arrangement Resolution was approved overwhelmingly by Levon Securityholders eligible to vote at the Meeting or by proxy as follows:
- In respect of all votes cast by Levon Shareholders only, the Arrangement Resolution was approved by approximately 76.85% of the total votes cast;
- In respect of all votes cast by Levon Securityholders voting together as a single class, the Arrangement Resolution was approved by approximately 81.15% of the total votes cast; and
- In respect of all votes cast by Levon Securityholders, other than those required to be excluded pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the Arrangement Resolution was approved by approximately 80.45% of the total votes cast.
The Arrangement Resolution required the approval of (a) at least 66 2/3% of the votes cast on the Arrangement Resolution by the Levon Shareholders; and (b) at least 66 2/3% of the votes cast on the Arrangement Resolution by the Levon Securityholders, voting together as a single class; and (c) subject to the simple majority of the votes cast on the Arrangement Resolution excluding the votes for Levon Shares held or controlled by “interested parties” as defined under MI 61-101.
Levon intends to apply for a final order from the British Columbia Supreme Court with respect to the Arrangement (the “Court Order”) on July 31, 2019. Closing of the Arrangement remains subject to customary closing conditions, including the aforementioned Court Order. Assuming the satisfaction of these closing conditions, the Arrangement is expected to be completed on or about August 2, 2019.
About Levon Resources Ltd.
Levon is exploring one of the world's largest silver resources at the company's 100%-owned Cordero Project in northwest Mexico. The 37,000- hectare property covers an entire porphyry district that hosts previously announced resources (see Levon’s April 18, 2018 press release) and numerous exploration targets for bulk tonnage diatreme hosted, porphyry style, and carbonate replacement mineral deposits.
For more information on Levon, please visit our website at .
For further information, contact the Company’s investor relations directly at 604-682-2991, or the main office number at 778-379-0040.
ON BEHALF OF THE BOARD
“Vic Chevillon”
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Vic Chevillon, Interim CEO and President
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