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     605  0 Kommentare Tradora Advances Besra US$2.25 Million as Progress is Made Towards Resuming Production in Vietnam

    TORONTO, ONTARIO--(Marketwired - Aug. 22, 2014) - Besra (TSX:BEZ)(ASX:BEZ)(FRANKFURT:OP6) announces that Tradora Limited (an affiliate of Victory Corporation Group, as mentioned in the Besra media release of 15 July 2014), pending regulatory approval of its previously announced financing, has agreed to advance Besra US$2.25 million by way of an interest-free unsecured convertible redeemable note expected to be issued on or before 29 August 2014.

    Besra CEO John Seton said, "Issuing of this convertible note serves as a strong show of good faith to shareholders by Tradora Limited that it is committed to completing the recently signed $14.25 million subscription agreement.

    "We are also making progress towards resuming production in Vietnam which is expected to occur upon confirmation from all necessary levels of government that no further coercive tax measures will be applied. We've been able to work at very senior levels with the Ministry of Finance in Vietnam on a wide range of tax issues and concerns. I thank them for their sensible and proactive approach to ensuring the continued operation of our mines and clearing the way for a long-term viable resolution for all parties. The provincial government is anticipating a response from the Prime Minister's office which should clear the way for a resumption in operations."

    The notes are convertible at any time prior to the maturity date of 28 November 2014 at a price of $0.057 per common share, being the same price per share as the previously announced financing, subject to any necessary regulatory approvals including that of the Toronto Stock Exchange.

    The principal amount of the note outstanding upon the closing of the US$14.25 million subscription for shares by Tradora Limited or its assignee pursuant to a subscription agreement between Besra and Tradora dated 11 July 2014, shall automatically be converted into common shares of the Company at a value of $0.057 per common share. Closing of such financing will take place upon receipt of regulatory approval. Closing is expected to occur on or about 15 September 2014. There is no assurance that the US$14.25 million financing will be concluded upon the terms disclosed in previous press releases of the Company or at all.

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    Tradora Advances Besra US$2.25 Million as Progress is Made Towards Resuming Production in Vietnam TORONTO, ONTARIO--(Marketwired - Aug. 22, 2014) - Besra (TSX:BEZ)(ASX:BEZ)(FRANKFURT:OP6) announces that Tradora Limited (an affiliate of Victory Corporation Group, as mentioned in the Besra media release of 15 July 2014), pending regulatory …