Toronto, Canada: 17 October 2014 – Besra (TSX: BEZ) (ASX: BEZ) (Frankfurt: OP6) advises that the Toronto Stock Exchange (TSX) will delist the common shares of the Company at the close of business today, 17 October 2014, for failure to meet the continued listing requirements of the TSX.
The areas of non-compliance relate to balance sheet issues and failure to file the audited 2014 accounts. The Company is working on initiatives to address and rectify each of these issues.
The Australian Securities Exchange also suspended trading on 10 October 2014 as a result of the company not being up to date via the Ontario Securities Commission and on 27 October the OTC in the US will move Besra from the OTCQX to the OTCPink for delayed financial filings.
The Company will continue operating as normal without its shares being traded on the TSX. Shareholders’ ownership and governance rights remain unaffected. Pending restoration to a major trading platform Besra will seek quotation on an interim market to enable shareholders to retain some liquidity.
Besra is in the middle of a financing as previously announced on 9 October 2014 and this is expected to complete on or before the final deadline of 19 December 2014. The closing of the $2 million tranche anticipated to close today will instead close within the next week due to a transactional delay. This will enable the audit to occur and the auditor’s report should be available within 60 – 90 days.
Restoring production in Vietnam remains a priority and production has already begun on small scale at Bong Mieu. Discussions currently underway with the Ministry of Finance in Vietnam should result in a reduction of overall taxes owed. Further fundraising discussions with other investors are ongoing to enable refinancing of existing convertible notes with longer maturity cheaper debt and negotiations are underway for a Bau project partner.
Besra expects that the company will seek to re-list on the TSX or another exchange, depending upon which exchange best suits the company’s circumstances in the new year.