PERTH (miningweekly.com) – Dual-listed gold miner Besra on Friday inked an investment deal that would provide the company with between C$10-million and C$15-million in funding by December 17.

Private investor George Molyviatis has already disbursed C$140 000 as a first instalment payment.

Besra told shareholders that a first commitment tranche of C$10-million, which included the cash already advanced, would be exchanged for a secured convertible note, converting upon maturity at 5c a share, for a maximum of 200-million common shares.

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

The second uncommitted tranche, which would be 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.

Assuming Molyviatis invests the full C$15-million, he would own a 50.9% stake in Besra at the end of the transaction.

Company CEO John Seton said on Friday that his discussions with Molyviatis had delivered confidence that the agreement would be executed in full and on time.

Seton said that the transaction proceeds would be used to rectify the company’s continuous disclosure default, to pay interest owing under its existing convertible notes, to pay off its acquisition of an interest in the Bau gold project, and to support the predevelopment costs at Bau, in Sarawak in East Malaysia.

Besra on Friday also turned to the Ontario Securities Commission (OSC) after failing to meet the filing deadline for its yearly financial statement for the year ended June.

In September, the TSX took the decision to delist the gold miner for failing to meet its continuous listing requirements. Besra shares were expected to be delisted by October 17, unless the company was able to comply with listing terms before that time.

Seton said that the company has now applied to the OSC for a cease trade order, which if approved, would give Besra additional time to complete its financing, engage auditors, and complete the audit of its annual financials without a full cease trade order being issued

Until the annual financial report has been filed, Besra would continue to satisfy the provisions of the alternative information guidelines by issuing default status reports every two weeks.

Earlier this month, Besra resumed production at its Bong Mieu gold mine, in central Vietnam, after a hiatus of almost 11 months.