AT the April meeting of the Besra Board of Directors George Molyviatis was appointed as a director. The appointment is in accordance with the terms of the first Can$2 million tranche of a Can$15 million financing of Besra by InCoR Holdings.
The Board also accepted the resignation of Kevin Tomlinson, who 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 as well as his advice and 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 who 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,” said David Seton.
In his early career, George Molyviatis was head of the Greek desk with Paribas in Geneva and subsequently co-founded 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 $13 million tranche, InCoR Holdings will propose a second nominee to the Board. InCoR is a venture capital and holding company in the natural resource sector. It acquires and develops projects and distressed assets identified by management focusing primarily in the mineral resource, energy and food/agriculture sectors.
Besra CEO John Seton said, “Whilst this has taken much longer than planned, we are very pleased with the major milestone achieved in our dealings with Mr Molyviatis and InCoR.
“In Vietnam we have made significant progress in taxation and royalty matters, and following waiver of JV pre-emptive rights are preparing to close the recapitalization of Phuoc Son with a new local partner and resume normal production from Phuoc Son and Bong Mieu gold mines over the coming months.”