February 07, 2013 13:45 ET
TORONTO, ONTARIO–(Marketwire – Feb. 7, 2013) - BESRA (TSX:BEZ)(ASX:BEZ)(OTCQX:BSRAF)(FRANKFURT:OP6) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) to make a normal course issuer bid to be transacted through the facilities of the TSX. The Company also filed a buy-back announcement with the Australian Securities Exchange (collectively, with the normal course issuer bid, the “Buy-Back Program”).
Pursuant to the terms of the Buy-Back Program, Besra may purchase its own common shares for cancellation in compliance with TSX or ASX rules, as applicable. The current intention of the Company’s board of directors is to purchase approximately 25,000,000 shares pursuant to the Buy-Back Program being 7.8% of the Company’s public float. Purchases will be subject to a daily maximum of 48,906 shares representing 25% of the average daily trading volume of 195,624 shares for the six months ended January 31, 2013, except where such purchases are made in accordance with “block” purchase exemptions under TSX guidelines. Besra will initiate purchases at different times starting on or after February 11, 2013, and ending no later than February 10, 2014.
The Company maintained a buy-back program from December 1, 2011 through November 30, 2012 purchasing 1,050,000 shares over the facilities of the TSX at a weighted average price per share of CAD$0.35 and 1,307,679 shares over the facilities of the ASX at a weighted average price per share of AUD$0.34.
As of January 31, 2013, the Company had 378,781,186 common shares issued and outstanding of which 320,111,482 common shares were in the public float, determined in accordance with TSX rules.
John Seton, Chief Executive Officer said, “Besra’s low share price does not accurately reflect the value of the Company’s assets or its future prospects, therefore, a share buy-back program makes good business sense and delivers value to our existing shareholder base for so long as the share price remains, in the Company’s opinion, significantly undervalued”.
Besra has appointed Paradigm Capital Inc. as its representative broker for purposes of the Normal Course Issuer Bid and D2MX Pty Ltd. for purchases on the ASX.
A copy of the Company’s notice of intention filed with the TSX may be obtained by any shareholder without charge by contacting the Company’s Vice-President, Investor Relations at the number below.
Besra is a diversified gold company focused on four advanced properties; the Bau Goldfield in East Malaysia, Bong Mieu and Phuoc Son in Central Vietnam, and Capcapo in the Philippines. Besra expects to expand existing gold production capacity in Vietnam over the next two years and is projecting new production capacity from Bau Central during late 2015 (start up and production forecasts will depend on the result of the current Jugan feasibility, which is scheduled for completion June 2013).
BESRA GOLD INC.
John A.G. Seton, Chief Executive Officer