Besra market update: TSX delisting; financing delays; financial statements
Toronto, Canada: 17 September 2014 – Besra (TSX: BEZ) (ASX: BEZ) (Frankfurt: OP6) announces that the Toronto Stock Exchange (TSX) has determined to delist the common shares of the Company at the close of business on 17 October 2014 for failure to meet the continued listing requirements of the TSX.
The predominant cause for the TSX’s determination is the failure to date of the Tradora Limited financings to close, including the US$2.25 million that was expected to be advanced pursuant to a convertible note that was the subject of a press release issued by the Company on 22 August 2014. Besra has received an undertaking from Tradora that it will provide the agreed funding to Besra. Should the current round of funding be secured prior to delisting, and TSX listing requirements are able to be met, Besra will seek to have its listing reinstated. In the meantime, Besra is pursuing alternative financing arrangements.
Negotiations continue in Vietnam to have coercive measures lifted which will allow a return to production. With the welcome assistance of the Canadian, Australian and New Zealand Embassies, the issue has been elevated to the Office of the Prime Minister and the company is awaiting formal notice of the outcome of deliberations there.
Besra also advises that it will not be able to file its annual audited financial statements and related management’s discussion & analysis by the filing deadline of 28 September 2014. The delays experienced in closing the financings referred to above have resulted in insufficient funds to allow for the independent audit by Ernst & Young to commence. Besra cannot give a reliable timeframe for when it will be in position to rectify its filings, as it is dependent on the closure of the current round of funding, which is taking significantly longer than expected.
There is no assurance that the current financing will be concluded upon the terms disclosed in previous press releases of the Company or at all.
