Besra submits applications for lifting of Cease Trade Orders & filing of Carve-Out Financial Statements

Besra Gold Inc (“Besra”) advises that it has filed applications:
  • with the Ontario Securities Commission (“OSC”) for exemptive relief to permit Besra to file historical audited annual financial statements on a “carve-out” basis to exclude disclosure relating to Besra’s former Vietnamese subsidiaries and operations for the financial years ended June 30, 2017 and 2016 (including comparative financial statements for the financial year ended June 30, 2015) and the comparative financial statements for the interim period ended September 30, 2016 included as part of the Filer’s unaudited interim financial statements for the interim period ended September 30, 2017; and
  • with the OSC, British Columbia Securities Commission, the Autorité des Marchés Financiers and the Alberta Securities Commissions for a revocation of the Cease Trade Orders issued in December 2014, January and March 2015.

Besra has already submitted to the jurisdictions in which these applications were filed drafts of the Carve-Out Financial Statements for the financial years ended June 30, 2017 and 2016 (with comparative information to June 30, 2015) and MD&A in respect thereof along with draft unaudited interim financial statements for the interim period ended September 30, 2017 (with comparative information presented on a carve-out basis to the interim period ended September 30, 2016) and MD&A in respect thereof.  Upon granting of the application for exemptive relief and completion by the applicable securities regulators of their continuous disclosure review Besra will finalise and file such continuous disclosure on SEDAR for the abovementioned periods.  Subject to final comments from auditor Grant Thornton, Besra expects to receive an unqualified audit opinion on the annual carve-out financial statements.

There can be no assurance that the exemptive relief will be granted or that the cease trade orders will be revoked.

Besra also announces that it has revised its payment schedule over the next three years for increased ownership of North Borneo Gold Sdn Bhd, its subsidiary that is developing the Bau Gold Project in Sarawak, East Malaysia. Whilst there is no change in the overall amount payable by Besra since the announcement dated 15 May 2013 when the overall consideration was reduced and rescheduled, the revised schedule has been agreed to better align with flow of investor funds following the anticipated lifting of the CTOs.

Besra confirms that it paid a further CAD500,000 in 2017 to take its overall control to 92.01% and effective equity adjusted ownership to 87.06%.  The remaining payments are as follows.

 

Date/Event

Payment Amount Effective Ownership

CTO lifting

CAD750,000

92.90%

Post CTO $5m financing

CAD1,250,000

94.38%

Relisting CAD3,500,000 + CAD2m shares

98.50%

 

Exchanges

OTC: BSRAF
See our media release of 17 October 2014. Previously listed on:
TSX: BEZ
ASX: BEZ
FRANKFURT: OP6

Important note

Besra is currently subject to Cease Trade Orders (CTOs) by Canadian regulators and is working towards curing its filing defaults, having the CTOs lifted and returning to growing shareholder value.