Discovery Metals Files Early Warning Report After Completing Acquisition of Levon Resources
06 August 2019 - 11:36PM
Discovery Metals Corp. (TSXV:DSV) (“
Discovery”)
announces that it has filed an early warning report in respect of
its holdings in Levon Resources Ltd. (“
Levon”).
Earlier today, pursuant to a statutory plan of arrangement pursuant
to Section 288 of the British Columbia Business Corporations Act
(the “
Arrangement”), Discovery acquired all of the
outstanding shares of Levon (“
Levon Shares”) in
exchange for 64,412,929 common shares of Discovery.
As a result of the Arrangement, Discovery now
beneficially owns or controls 117,114,440 Levon Shares,
representing all of the issued and outstanding Levon Shares.
Discovery did not own or control, directly or indirectly, any
shares in Levon prior to the Arrangement.
Pursuant to the Arrangement, holders of Levon
Shares received 0.55 of a common share of Discovery in exchange for
each Levon Share held immediately prior to the effective time of
the Arrangement, representing an aggregate of 64,412,929 common
shares of Discovery.
Following the Arrangement, Levon is now a
wholly-owned subsidiary of Discovery. Discovery will cause (i) the
Levon Shares to be delisted from the Toronto Stock Exchange, and
(ii) Levon to submit an application to the securities regulators to
cease to be a reporting issuer and to terminate its public
reporting obligations.
This news release is being issued in accordance
with National Instrument 62-103 – The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues in connection
with the filing of an early warning report dated August 2, 2019.
The early warning report respecting this transaction has been filed
on SEDAR (www.sedar.com) under Levon’s issuer profile. To obtain a
copy of the early warning report filed by Discovery, please contact
Taj Singh at (416) 613-9410 or refer to SEDAR (www.sedar.com) under
Levon’s issuer profile.
Further Details
Details of the Arrangement were disclosed in a
management information circular of Levon dated June 25, 2019, which
is available on Levon’s SEDAR profile at www.sedar.com.
About Discovery
Discovery is focused on discovering and
advancing high-grade polymetallic deposits in a land package of
approximately 150,000 hectares covering a historic mining district
in Coahuila State, Mexico. The portfolio of three large-scale,
drill-ready projects and several earlier-stage prospects, all with
shallow high-grade Ag-Zn-Pb mineralization, is situated in a
world-class carbonate replacement deposit belt that stretches from
southeast Arizona to central Mexico. The land holdings contain
numerous historical direct-ship ore workings with several
kilometers of underground development, but there was no modern
exploration or drill testing on the properties prior to the work
carried out by Discovery. In addition, Discovery is exploring one
of the world’s largest silver resources at its 100%-owned Cordero
Project in Chihuahua State, Mexico. The 37,000 hectare property
covers an entire porphyry district that hosts the announced
resource and numerous exploration targets for bulk tonnage
diatreme-hosted, porphyry-style, and carbonate replacement
deposits. Discovery’s head office is located at 701-55 University
Avenue, Toronto, ON, M5J 2H7.
For further information please visit Discovery's website at
www.dsvmetals.com.
For Further Information:
Discovery Metals Corp.Taj Singh, President and Chief Executive
Officer,on behalf of the board of directors(416)
613-9410info@dsvmetals.com
This announcement is for informational purposes
only and does not constitute an offer to purchase, a solicitation
of an offer to sell any shares or a solicitation of a proxy.
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.
Cautionary Note Regarding
Forward-Looking Statements: Certain disclosures in this
release constitute forward-looking statements, including the
delisting of the common shares of Levon from the Toronto Stock
Exchange and Levon ceasing to be a reporting issuer. In making the
forward-looking statements in this release, the parties have
applied certain factors and assumptions that are based on the
parties' current beliefs as well as assumptions made by and
information currently available to the parties. Although the
parties consider these assumptions to be reasonable based on
information currently available to them, they may prove to be
incorrect, and the forward-looking statements in this release are
subject to numerous risks, uncertainties and other factors that may
cause future results to differ materially from those expressed or
implied in such forward-looking statements. Readers are cautioned
not to place undue reliance on forward-looking statements. The
parties do not intend, and expressly disclaims any intention or
obligation to, update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required by law.
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