Auckland, New Zealand: 18 October 2016 – Besra Gold Inc is very pleased to announce that the Ontario Securities Commission (OSC) on 14 October 2016, issued an Order partially revoking the Cease Trade Order (CTO) of 29 December 2014 and in doing so has cleared a path for the company to move ahead with the first tranche (Committed Tranche) of CAD10 million of its Proposed Exit Financing.
Besra CEO John Seton said, “We’re extremely pleased to have passed this significant milestone. We are now working diligently to conclude arrangements for the Exit Financing and expect to close prior to 7 November 2016.”
The terms of the revocation permit ‘the trades and acts in furtherance of trades that are necessary for and are in connection with the Amended Proposal and the Committed Tranche of the Proposed Exit Financing’ (as such terms are defined in the OSC’s order). To this end, funds from the financing will be applied to curing the company’s filing defaults and applying for a full revocation of the CTO, meeting the terms of the Amended Proposal approved by the Ontario Superior Court of Justice on 17 May 2016 and to reinvigorate planning and development at the company’s Bau Goldfield in East Malaysia.
Besra holds a letter of financing for CAD10-20 million from Hedger Management SA of which CAD10 million is the Committed Tranche with the remainder to be made available at the option of the investor, upon the full revocation of the CTO.