Besra has made application to the Ontario Securities Commission in Canada to partially revoke the Cease Trade Order (CTO) of December 29, 2014 and amended on March 4, 2015, to enable the company to complete its long awaited refinancing and restructuring. Although reluctant to estimate time frames on a process over which Besra has no control, the company is hopeful of a decision within the next month.
Besra has operating gold projects in Vietnam and the large Bau Goldfield exploration project in East Malaysia.
Besra holds a letter of financing for C$10-20 million from Molard Financial Management Services SA, a Swiss Fiduciary, representing a pool of private clients, of which C$10 million is committed and the remainder is at the option of the investor.
It is the company’s understanding that the first tranche of $10 million will be released upon completion of documentation after the CTO is varied.
The new funds will help to meet creditor proposal arrangements and refocus efforts on the Bau Goldfield.
The financing will also enable the company to complete the audits of the last two years’ financial statements and accordingly cure the filing deficiencies. This should enable the CTO to be lifted and a relisting to occur, subject to market conditions.
This process could take up to six months and the specific conditions of the chosen bourse will also be a factor.