The Conversation (0)
Levon Resources (TSX:LVN, USOTCQX: LVNVF) announced it is undetaking a USD $5.4 million private placement with a group of U.S. investors including Dr. Phillip Frost, Barry Honig and Michael BRauser. A total of 27 million common shares of Levon (representing 11.9 percent of its common shares) will be issued.
According to the press release:
A total of 27,000,000 common shares of Levon will be issued in the Placement at a price of CAD $0.22 per share, representing approximately 11.9% of Levon’s common shares after giving effect to such issuance. To Levon’s knowledge, no new insiders of Levon will be created as a result of the Placement. Completion of the Placement is subject to the approval of the Toronto Stock Exchange.
The net proceeds of the Placement will be applied to the purchase of shares of Pershing Gold Corporation (“Pershing”) in the transaction announced today, which represents the first step in a new Levon strategic plan to diversify its portfolio of assets. Pershing’s common stock is listed on the OTCQB under the symbol PGLC.
Click here to read the Levon Resources Ltd. (TSX:LVN,USOTCQX:,LVNVF) press release
Click here to see the Levon Resources Ltd. (TSX:LVN,USOTCQX:,LVNVF) profile.