Levon Resources Announces That Valley High Shareholders and Option Holders Approve Plan of Arrangement
23 March 2011 - 4:30AM
Marketwired
Levon Resources Ltd. (TSX VENTURE: LVN)(BERLIN: LO9)(FRANKFURT:
LO9) ("Levon") is pleased to announce that an overwhelming majority
of the shareholders of Valley High Ventures Ltd. (TSX VENTURE: VHV)
(the "VHV Shareholders") and option holders of VHV ("VHV Option
holders") who voted today at VHV's annual and special meeting (the
"Meeting") have voted to approve the plan of arrangement (the
"Arrangement") pursuant to which Levon will acquire all of the
issued and outstanding securities of VHV.
On completion of the Arrangement, VHV shareholders will hold
approximately 43% of the pro forma outstanding shares of Levon, on
a fully-diluted basis. VHV shareholders will own 100% of a new
exploration company, Bearing Resources Ltd. ("Bearing"), which will
own all of VHV's assets outside of the Cordero Project (as defined
in the January 16, 2011 Arrangement Agreement between VHV, Levon
and Bearing), and will have $1.8-million in cash. For further
details on the Arrangement, please see VHV's management information
circular dated February 18, 2011 on VHV's SEDAR profile, and VHV
and Levon's joint press release dated January 17, 2011, filed on
both the VHV and LVN SEDAR profiles at www.sedar.com.
VHV's application to the Supreme Court of British Columbia to
obtain the final court order approving the Arrangement is scheduled
for Wednesday, March 23, 2011. Assuming court approval is obtained
and that all other conditions to the Arrangement are satisfied or
waived, the Arrangement is expected to become effective on or
shortly after March 24, 2011.
For further details on the Arrangement, please see the Joint
Press Release filed by Levon and VHV on January 17, 2011, available
on both of their SEDAR profiles at www.sedar.com.
Levon is a junior gold and precious metals exploration company
exploring the Cordero silver, gold, zinc and lead project near
Hidalgo Del Parral, Chihuahua, Mexico. The Norma Sass and Ruf
claims located near the Pipeline gold deposit, which is being mined
and explored by Barrick Gold Corporation in the heart of the Cortez
Gold Trend in Lander County, Nevada, USA. The Company also holds
key land positions at Congress, BRX, and Wayside in the productive
Bralorne Gold camp of British Columbia, Canada.
LEVON RESOURCES LTD.
Ron Tremblay, President and CEO
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.
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.
Contacts: Levon Resources Ltd. Ron Tremblay President and CEO
(604) 682-3701 (604) 682-3600 (FAX) www.levon.com
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