Besra announces that Tradora Ltd, an affiliate of Victory Corporation Group, has agreed to advance Besra US$2.25 million by way of an interest-free unsecured convertible redeemable note expected to be issued on or before August 29, 2014. The payment is pending regulatory approval of a financing arrangement with Tradora.
Besra’s CEO John Seton says, “Issuing of this convertible note serves as a strong show of good faith to shareholders by Tradora that it is committed to completing the recently signed $14.25 million subscription agreement.
“We are also making progress towards resuming production in Vietnam which is expected to occur upon confirmation from all necessary levels of government that no further coercive tax measures will be applied. We’ve been able to work at very senior levels with the Ministry of Finance in Vietnam on a wide range of tax issues and concerns.
“I thank them for their sensible and proactive approach to ensuring the continued operation of our mines and clearing the way for a long-term viable resolution for all parties. The provincial government is anticipating a response from the Prime Minister’s office which should clear the way for a resumption in operations.”
The notes will be convertible at any time prior to the maturity date of November 28, 2014 at a price of $0.057 per common share, being the same price per share as the previously announced financing, subject to any necessary regulatory approvals including that of the Toronto Stock Exchange. www.besra.com