https://www.miningweekly.com

Besra amends Molyviatis financing terms

15th October 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold miner Besra on Wednesday amended an investment agreement with private investor George Molyviatis, who was investing some C$15-million into the company.

The initial agreement would have seen Molyviatis invest C$10-million in a first tranche transaction, in exchanged for a secured convertible note, converting upon maturity at 5c a share, for a maximum of 200-million common shares.

The second uncommitted tranche, which would have been issued at Molyviatis’ discretion, would consist of C$5-million in exchange for a convertible note on the same terms. Molyviatis would also receive one warrant for each three shares issued under this note, and would receive more than 33.33-million warrants if exercised.

Molyviatis would also receive more than 66.66-million common share purchase warrants, each exercisable at 10c.

However, amendments made to the transaction would now see Molyviatis invest the C$15-million in three tranches, instead of two, and the investor receiving 100-million three-year common stock purchase warrants, at 10c each.

The revised agreement also provided for a break fee of 10% of the transaction value.

Besra was hoping to use the funds raised to fund its TSX listing compliance by completing its financial statements for the year ended June.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Kriel Occupational Health Centre
Kriel Occupational Health Centre

Occupational health services, mobile clinics, wellness campaigns, aviation.

VISIT SHOWROOM 
Advanced Fire Suppression Technologies
Advanced Fire Suppression Technologies

Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.05 0.073s - 111pq - 2rq
Subscribe Now