Levon Resources Ltd. (TSX:LVN) announced the completion ot the previously announced arrangement to which SciVac Ltd. completed a reverse takeover of SciVac Therapeutics Inc.
Levon Resources Ltd. (TSX:LVN) announced the completion of the previously announced arrangement to which SciVac Ltd. completed a reverse takeover of SciVac Therapeutics Inc.
As quoted in the press release:
Pursuant to the Arrangement, among other things, shareholders of Old Levon immediately prior to the Arrangement received one new common share of New SciVac (each, a “New SciVac Share”) and 0.5 of a common share of Levon (each, a “Levon Share”) in exchange for each common share of Old Levon held by such shareholder immediately prior to the effective time of the Arrangement (the “Effective Time”), for a total issuance of 239,085,423 New SciVac Shares and 119,542,711 Levon Shares. As a result of the Arrangement, former shareholders of Old Levon hold 100% of the issued and outstanding Levon Shares immediately after completion of the Arrangement. In connection with the Arrangement, the Company changed its name from “1027949 B.C. Ltd.” to “Levon Resources Ltd.” immediately after New SciVac changed its name from “Levon Resources Ltd.” to “SciVac Therapeutics Inc.”. The Company will continue to operate the junior mining business of Old Levon immediately prior to the Arrangement.
The Supreme Court of British Columbia issued a final order approving the Arrangement on June 4, 2015 and the Arrangement became effective at the Effective Time, being 12:01 a.m. on July 9, 2015.
Subject to the receipt of final approval of the Toronto Stock Exchange (“TSX”), the Levon Shares are expected to commence trading on the TSX under the trading symbol “LVN” at the commencement of trading on July 14, 2015.