Besra Gold Inc. Makes Final Delivery of 3,438 ounces of Gold Under Its Gold Loan Notes

Besra Gold Inc. (TSX:BEZ,ASX:BEZ,OTCQX:BSRAF,FSX:OP6) delivered 3,438 ounces of gold to redeem fully its outstanding Gold Loan Notes, a face value of approximately US$4.1 million.

As quoted in the press release:

The Gold Loan Notes matured on 31 May 2013, bearing an interest rate of 8% per annum, and were secured by certain assets of the Company (See Besra press release dated 21 June 2010). Note holders holding approximately twenty-six percent (26%) of the outstanding principal amount of original gold loan notes converted to the 8% Gold-Linked notes, which will mature two years later on 6 May 2015.

Besra CEO, John Seton, said:

The gold loan was an innovative financing for some of the capital costs for development of our Phuoc Son property in Vietnam whilst avoiding a potentially large equity dilution. With paying off the outstanding gold loan, we have simplified our debt, and strengthened our balance sheet going forward.

Click here to read the Besra (TSX:BEZ,ASX:BEZ,OTCQX:BSRAF,FSX:OP6) press release