Auckland, New Zealand: 23 May 2016 – Besra Gold Inc obtained Court approval in Toronto of its restructuring proposal on 17 May 2016.
Accordingly, the approved proposal is now binding on all the affected creditors, subject to the conditions set out therein including conclusion of a financing resulting in proceeds of not less than CAD10,000,000.
Besra confirms that it has a financing commitment and is now proceeding to seek a variation of the cease trade order issued by the Ontario Securities Commission in December 2014.
This variation may take up to six weeks and is required to be granted before the company can complete the financing.
The approved proposal provides for six months for the above to occur although Besra aims to conclude the process by the end of June or early July 2016.
Following completion of the restructure and refinancing, Besra intends to make preparations for relisting on an appropriate trading platform; either the TSX, ASX or an Asian bourse.
Further information, including a complete copy of the proposal may be viewed on MNP’s website at: http://bit.ly/MNP_BEZ