Auckland, New Zealand: 7 July 2020 – Besra Gold Inc. (“Besra” or the “Company”) is pleased to announce it has closed a AUD2,500,000 financing (“Financing”) consisting of zero-coupon secured convertible subordinated notes (the “Convertible Notes”), and the replacement of an existing C$500,000 secured convertible note, arranged through Canaccord Genuity (Australia) Limited (“Canaccord”).

John Seton, Managing Director of Besra noted: “We are pleased to have the support of Canaccord, and this placement gives us much needed funding to move ahead again with our exciting Bau Goldfield Project in Sarawak, East Malaysia.”

The Convertible Notes mature 30 November 2020 and are convertible at the option of the holder into common shares of the Company (“Common Shares”) at a price of AUD0.10 per Common Share, on a post consolidation basis and convert automatically upon the occurrence of a transaction resulting, directly or indirectly, in the relisting of the Common Shares on a specified stock.

The Company’s obligations under the Convertible Notes are secured by a general security agreement in favour of the holders of the Convertible Notes ranking subordinate to the existing secured obligations of the Company.

Included within the Financing, the Company has replaced a convertible secured note principal amount $500,000 issued 31 October 2019 (see press release dated 1 November 2019) with a Convertible Note identical to those described above.

The proceeds from the financing will be used to fund working capital, Bau’s operating expense and for general corporate purposes.