By Devika Patel
Knoxville, Tenn., Aug. 17 - Levon Resources Ltd. said it will conduct a C$7.5 million private placement of units. Canaccord Genuity Corp., the agent, has a C$2.5 million greenshoe. The company also will raise C$1 million in a non-brokered offering on identical terms.
In the brokered deal, the company will sell 10 million units at C$0.75 apiece. Each unit consists of one common share and one half-share warrant.
Each whole warrant will be exercisable at C$1.20 for 18 months. The strike price reflects a 27.66% premium to the Aug. 16 closing share price of C$0.94.
Settlement is expected Aug. 31.
Proceeds will be used for exploration and general working capital.
Based in Vancouver, B.C., Levon Resources is a natural resource explorer.
| Issuer: | Levon Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$8.5 million
|
| Greenshoe: | C$2,500,500
|
| Units: | 10 million
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.20
|
| Agent: | Canaccord Genuity Corp. (for up to C$10 million with greenshoe), non-brokered (for C$1 million)
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 31
|
| Stock symbol: | TSX Venture: LVN
|
| Stock price: | C$0.94 at close Aug. 16
|
| Market capitalization: | C$57.97 million
|
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