Canadian firm Discovery Metals acquires Levon Resources

5 August 2019 (Last Updated August 5th, 2019 11:40)

Discovery Metals has completed the previously announced acquisition of all issued and outstanding shares of Levon Resources.

Discovery Metals has completed the previously announced acquisition of all issued and outstanding shares of Levon Resources.

With the closing of the transaction, which was originally announced in May this year, Discovery is now an explorer and developer with control over several district-scale projects in Mexico.

Following a statutory plan of arrangement approved by the Supreme Court of British Columbia under the Business Corporations Act, Levon shareholders received 0.55 of a common share of Discovery, for every common share of Levon held.

As part of the agreement, Levon merged with Discovery’s fully-owned subsidiary 1210573 B.C., and remains a wholly-owned subsidiary of Discovery under the name ‘Levon Resources’.

Discovery Metals president and CEO Taj Singh said: “We welcome all of our new shareholders. Discovery is well-positioned in the current rising precious metals price environment – we have a portfolio of exciting and high potential projects, a strong team, and are well-financed.

“The addition of Levon’s Dan Vickerman and Vic Chevillon to our board of directors will provide history, experience, and insight into Cordero, as we look to advance this project.”

Effective from the closing of the transaction, there were more than 168 million Discovery Shares issued and outstanding, and the company’s market capitalisation is nearly $66m, as of 1 August 2019.

Discovery currently fully owns the Cordero Project located in Chihuahua State, one of Mexico’s premier porphyry and carbonate replacement deposit (CRD) districts.

The company is focused on exploring and advancing high-grade polymetallic deposits in a land package of more than 150,000ha covering a historic mining district in Coahuila State, Mexico.