Besra Gold has obtained court approval in Toronto, Canada, of its restructuring proposal and is now seeking a variation of the cease trade order issued by the Ontario Securities Commission in December 2014.
The approved restructuring proposal is now binding on all the affected creditors, subject to the conditions including conclusion of a financing resulting in proceeds of not less than C$10 million.
Besra confirms that it has a financing commitment and is now proceeding to seek a variation of the cease trade order. It says this variation may take up to six weeks and is required to be granted before the company can complete the financing.
The approved proposal provides for six months for the above to occur although Besra aims to conclude the process by the end of June or early July of 2016.
Following completion of the restructure and refinancing, Besra intends to make preparations for relisting on an appropriate trading platform - the TSX, ASX or an Asian bourse.