Besra making progress towards discharge from BIA proceedings

Auckland, New Zealand: 10 April 2017 – Besra Gold Inc advises the relevant creditors that the Final Dividend is to be issued following the issuance of Form 11 – Notice of Final Dividend and Application for Discharge pursuant to Section 152(5)(c) of the Bankruptcy and Insolvency Act (“BIA”) and the expiry of a prescribed 15-day period.

The Final Statement of Receipts and Disbursements and Dividend Sheet was completed, inspected and approved prior to being sent to the Office of the Superintendent of Bankruptcy (“OSB”) for comments.  Those comments have now been received and the Final Statement of Receipts and Disbursements and Dividend Sheet, amongst other documents were sent to the Court for Taxation.

The Company is now awaiting receipt of the taxed Final Statement of Receipts and Disbursements and Dividend Sheet which is expected to be issued from the Court hearing on 25 April, followed shortly thereafter by the issuance of the Form 11 – Notice of Final Dividend and Application for Discharge.  There is then a final 15-day period prescribed in the Notice after which the Final Dividend is issued.

Taking these steps into account, creditors should expect that dividends (including notes, warrants and shares, where appropriate) will be issued in early May, subject to no objections being received.

The Company has engaged Grant Thornton New Zealand as auditor for the Company’s 2014, 2015 and 2016 financial years. Upon completion, the audited accounts of the Company will be filed with the Ontario Securities Commission which will mark a significant step towards curing the company’s current filing defaults and eventual lifting of the Cease Trade Order (CTO) imposed by the OSC. The Company has submitted an undertaking to the OSC for approval, in which the Company states it will complete filing of audited accounts no later than 30 June 2017.

Computershare (Canada) has been re-engaged for share registry services and re-establishment of services from Computershare (Australia) is in progress for holders of CHESS Depositary Interests.

Exchanges

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

Important note

Besra was formerly known as Olympus Pacific Minerals. We changed our name to Besra in November 2012.