ST PETER PORT, Guernsey, Channel Islands, July 10, 2015 /CNW/ - CLS Therapeutics Limited ("CLS") acquired ownership of 147,403,443 common shares ("Common Shares") of SciVac Therapeutics Inc. (the "Company") (formerly Levon Resources Ltd. ("Levon")) representing 19.5% of the issued and outstanding Common Shares of the Company effective July 9, 2015. Prior to the transaction, CLS did not own any of the issued and outstanding Common Shares of the Company.
The Common Shares were acquired pursuant to a plan of arrangement under Section 288 of the Business Corporations Act (British Columbia) (the "Arrangement"). Levon, SciVac Ltd. ("SciVac") and 1027949 B.C. Ltd. entered into an arrangement agreement dated March 19, 2015 (the "Arrangement Agreement"). Upon closing of the Arrangement, the Company acquired 100% of the issued and outstanding securities of SciVac in exchange for 517,514,016 Common Shares of the Company, resulting in the former SciVac securityholders, including CLS, holding 68.4% of the issued and outstanding Common Shares and the Levon shareholders immediately prior to the effective time of the Arrangement controlling the remaining 31.6%. On completion of the Arrangement, the Company changed its name from Levon Resources Ltd. to SciVac Therapeutics Inc. and the Company will own and operate the existing business of SciVac.
A complete copy of the Arrangement Agreement has been filed under the Company's profile on SEDAR at www.sedar.com. For a summary of the material terms of the Arrangement Agreement, please refer to the management information circular of Levon dated May 1, 2015, also filed under the Company's profile on SEDAR at www.sedar.com.
CLS acquired the Common Shares for investment purposes. Depending on market conditions and other factors, CLS may from time to time acquire additional securities of the Company or dispose of securities of the Company in the open market, by private agreement or otherwise.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters.
A copy of the early warning report in respect of this transaction will be available at www.sedar.com.
SOURCE CLS Therapeutics Limited