Valley High Ventures Obtains Shareholder and Optionholder Approval of Plan of Arrangement With Levon Resources
2011年3月23日 - 2:45AM
Marketwired
Valley High Ventures Ltd. ("Valley High", or the "Company") (TSX
VENTURE: VHV) is pleased to announce that at the annual and special
meeting (the "Meeting") of the Company's shareholders and
optionholders held today, the Company's shareholders and
optionholders approved the previously announced plan of arrangement
(the "Arrangement") involving Levon Resources Ltd ("Levon"). The
closing of the Arrangement is expected to occur after the
satisfaction and/or waiver of all conditions precedent to the
Arrangement, which is currently expected to occur on or about March
24, 2011. The Arrangement is subject to, among other things, the
final approval of the British Columbia Supreme Court.
As previously announced on January 17, 2011, Valley High and
Levon have entered into a definitive arrangement agreement under
which Levon will acquire 100% of the outstanding common shares of
Valley High. Under the Arrangement, Valley High shareholders will
receive 1.0 share of Levon and 0.125 of a share in a new
exploration company, Bearing Resources Ltd. ("Bearing"), for each
Valley High share.
Bearing is currently a wholly-owned subsidiary of Valley High.
Upon completion of the Arrangement, Bearing expects that it will be
a reporting issuer in British Columbia and Alberta. Bearing will
hold Valley High's exploration properties in British Columbia and
the Yukon and approximately Cdn$1.8 million in cash. An application
has been made for listing of the Bearing shares on the TSX-V. Any
listing is subject to meeting TSX-V original listing requirements
and there is no assurance such a listing will be obtained.
About Levon Resources Ltd.
Levon is a junior gold and precious metals exploration company
exploring the Cordero silver, gold, zinc and lead project (51%
interest) near Hidalgo Del Parral, Chihuahua, Mexico. Upon
completion of the Arrangement Levon will own a 100% interest in the
Cordero Project. Levon also holds the Norma Sass and Ruf claims
located near the Pipeline gold deposit, which is being mined and
explored by Barrick Gold Corporation in the heart of the Cortez
Gold Trend in Lander County, Nevada, USA. In addition, Levon holds
key land positions at Congress, BRX, and Wayside in the productive
Bralorne Gold camp of British Columbia, Canada.
About Valley High Ventures Ltd.
Valley High is a Canadian based precious and base metal
exploration company with projects located in Mexico, British
Columbia and Yukon. The Cordero project in Mexico (49% interest) is
being evaluated for large bulk mineable silver, gold, zinc and lead
deposits. Upon completion of the Arrangement Levon will own a 100%
interest in the Cordero Project.
About Bearing Resources Ltd.
Bearing will be a Canadian based precious and base metal
exploration company with projects located in British Columbia and
Yukon. The Mount Polley and October Dome projects are located in
British Columbia adjacent to Imperial Metals Corporation's
("Imperial") Mt. Polley copper-gold mine and includes a production
royalty on the Boundary property, with Imperial. In the Yukon,
Bearing will have an option to acquire a 100% interest in the Flume
gold property which is located within the newly recognized White
Gold District. Ryan Gold Corp. has been granted a right to earn up
to 75% interest in VHV's interest in the Flume property. In
addition, Bearing will hold additional Yukon exploration properties
located near Golden Predator's Clear Creek gold project and
Northern Tiger's 3Ace gold project.
VALLEY HIGH VENTURES LTD.
Geoff Chater, President
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Such
forward-looking statements or information, including but not
limited to those with respect to the Arrangement, prices of copper,
estimated future production, estimated costs of future production,
and permitting time lines, involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of Valley High to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. Such factors include, among others, the
actual prices of copper, the factual results of current
exploration, development and mining activities, changes in project
parameters as plans continue to be evaluated, as well as those
factors disclosed in documents filed from time to time with the
securities regulators in the applicable Provinces of British
Columbia and Alberta.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Valley High Ventures Ltd. Geoff Chater (604) 614-7830
www.valleyhighventures.com
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