Melbourne, Victoria, Australia--(Newsfile Corp. - May 28, 2024) - Besra Gold Inc (ASX: BEZ) ("Besra" or the "Company") refers to its ASX announcement dated 15 May 2024 and advises that the Company has today received confirmation from Quantum Metal Recovery Inc (Quantum) that Quantum has successfully opened in Australia a US$ bank account with the Commonwealth Bank of Australia (CBA).
As a consequence of the opening of this US$ bank account, Quantum will now be able to meet the Malaysian regulatory (Sharia law) requirements and commence sending US dollars from Malaysia directly to Quantum's US$ CBA bank account.
Following receipt of these US dollars into Quantum's Australian US$ bank account, Quantum can then transfer US dollars into Besra's existing Australian US$ bank account in accordance with the Gold Purchase Agreement.
As further advised by Besra on 15 May 2024, following the receipt by Besra of the outstanding US$9,827,854.60 deposit1, the parties will renegotiate the weighted average gold price to reflect current gold prices for the deposit amount.
Quantum has advised Besra that it intends to fulfill its commitment to deposit the US$9,827,854.60 by remitting to Australia the deposit amount in five tranches, with the last tranche to be received in mid-June 2024.
This announcement was authorised for release by the board of Besra Gold Inc.
Michael Higginson
Company Secretary
N. America
James Hamilton
IR Services
M +1-416-471-4494
E jim@besra.com
Note 1: Refer ASX announcement dated 28 December 2023.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210790
SOURCE: Besra Gold Inc.
