The Ontario Securities Commission (OSC) has issued an Order partially revoking the Cease Trade Order (CTO) of 29 December 2014 which was imposed on Besra Gold. This has cleared a path for Besra to move ahead with the committed tranche of C$10 million of its proposed exit financing.
The revocation terms permit ‘the trades and acts in furtherance of trades that are necessary for and are in connection with the Amended Proposal and the Committed Tranche of the Proposed Exit Financing’.
To this end, funds from the financing will be applied to curing the company’s filing defaults and applying for a full revocation of the CTO, meeting the terms of the Amended Proposal approved by the Ontario Superior Court of Justice on May 17, 2016 and to reinvigorate planning and development at the company’s Bau Goldfield in East Malaysia.
Besra holds a letter of financing for C$10-20 million from Hedger Management SA of which C10 million is the committed tranche with the remainder to be made available at the option of the investor, upon the full revocation of the CTO.
Besra CEO John Seton said, “We’re extremely pleased to have passed this significant milestone. We are now working diligently to conclude arrangements for the Exit Financing and expect to close prior to 7 November 2016.”