Levon Resources Ltd. will conduct a private placement of 2.5 million units at a price of 10 cents per unit. Each unit will consist of one flow-through common share and one non-transferable share purchase warrant entitling the investor to purchase one common share at price of 12 cents during the first year and 15 cents in the second year. The company will pay commissions and/or finder's fees in connection with this financing in accordance with the policies of the TSX Venture Exchange. The placement is subject to TSX Venture approval.
The company is also pleased to report on the outcome of the annual and special general meeting it held on Sept. 7, 2006. There were 35.4 per cent of the outstanding shares represented at the meeting. All resolutions put forward to the shareholders were passed.
At the meeting, Ron M. Tremblay was newly elected to the board of directors. Mr. Tremblay brings extensive experience in finance to the board, having been involved in the industry for over 25 years, including 12 years as a registered broker. Mr. Tremblay is also director of Inspiration Mining Corp., a company listed on the TSX Venture Exchange.
W.C. (Bill) Glasier, Gary Robertson, W.D. (Bill) Love, Florian Riedl-Riedenstein and Louis Wolfin were re-elected to the board of directors.
Following the AGM, the directors appointed Louis Wolfin as chief executive officer, Mr. Tremblay as president, Mr. Robertson as chief financial officer, David Wolfin as vice-president, finance, and Matt Wayrynen as vice-president, corporate communications.
The board is pleased to welcome Mr. Tremblay to the team, and believes he is a valuable asset to the company and its management.