At a meeting of the Besra Board of Directors in Auckland, New Zealand, on April 10, 2015, George Molyviatis was appointed as a Director and the resignation of Kevin Tomlinson was received. George Molyviatis’ appointment is in accordance with the terms of the recently completed first tranche of a Can$15million financing by InCoR Holdings plc.

Kevin Tomlinson resigned after accepting a position as managing partner with Edgecrest Capital UK LLP in order to prevent any potential conflict of interest.

Besra’s executive chairman David Seton said, “I would firstly like to thank Kevin for his service on our Board and his advice an insight since joining in January 2012. Kevin continues to be a strong supporter of our company and we wish him well in the future.

“Mr Molyviatis is the executive chairman of InCoR and is a well-known and respected Greek/Swiss entrepreneur and investor. He has a long history in the resource sector. He is committed to Besra and is keen to see the development of the Bau project in East Malaysia move into production. We welcome him to the Board and look forward to the benefit of his substantial experience and extensive professional network.”

In his early career, George Molyviatis was head of the Greek desk with Paribas in Geneva and subsequently cofounded Pegasus Securities. In 2001-2, he financed and oversaw the construction of what continues to be the largest sawmill in the Republic of Georgia.

George Molyviatis served on the Board of PolyMet Mining from 2003 to 2010. In March 2003 he restructured the company, assembled a new board and management team and was instrumental in bringing Glencore into the project.

Following close of the second tranche of the financing, expected in the coming weeks, InCoR Holdings will propose a second nominee to the Board of Directors.

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