Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Besra was being forced from the TSX, after the bourse determined that the company had failed to meet its continued listing requirements.
Besra’s shares would be delisted from the TSX at the close of business on October 17.
The Canadian bourse in May announced that it was reviewing the common shares of Besra with respect to meeting the continued listing requirements on the TSX. Besra was granted a 30-day period in which to regain compliance with pricing, liquidity and disclosure requirements.
The TSX extended its review period in June.
The company, which is also listed on the ASX, told shareholders that the predominant cause for the delisting was Besra’s failure to close its financing. Should the funding be secured prior to the delisting, the TSX requirements would be met and Besra would seek to have its listing reinstated.
In the meantime, the miner was pursuing alternative financing arrangements.
Operations at Besra’s Vietnam projects were suspended in July this year, for what it ascribed as the direct result of “coercive measures” taken by the provincial Quang Nam tax department.
At the time, the miner explained that the tax department deployed “intimidatory measures” that meant that the embattled company could not, and would not, continue to operate.
Besra reported that negotiations to have the “coercive measures” lifted have continued, and with the assistance of the Canadian, Australian and New Zealand embassies, the issue has been elevated to the office of the Prime Minister.
The company was currently awaiting formal notice on the outcome of the deliberations there.