Malaysia, 27th Jan 2023 – The chairman of Quantum Metal, Dato Lim Khong Soon, is pleased to advise the market that it is in advanced discussions with its substantial shareholder, Board of Directors of Besra Gold Inc. In the recent development, it has been proposed that Quantum Metals Review will provide up to $300 million in financial support to Besra Gold Inc. starting in 2023, through a gold offtake purchase agreement.
The proposed facility, if implemented, would enable Besra to advance exploration and development planning and to expedite production at the Bau Gold Project in Sarawak, Malaysia. It is currently proposed that stream deliveries would be based on gold production from Bau, with Besra to receive 90% of the spot gold price for each ounce delivered subject to a monthly cap.
The board considers that such funding may significantly diminish its need to source ongoing funds from the traditional equity and debt markets and would represent a significant milestone for Besra and Quantum Metals in realizing their shared vision of building the Company into a regionally significant gold producer. Besra confirms that its trading halt will remain in place pending the announcement of a proposed capital raising. This announcement has been approved for release by the Board of Directors.
About Quantum Metals Recovery Inc.
Quantum Metals Recovery Inc. (OTC: QMEI) is an US OTC listed company. The company’s subsidiary, Quantum Metal Bullion, provides a wide range of services for the precious metal industry, including trading and leasing of gold, gold collateral facilities, custodian of gold, gold tokenization, logistics, and services for mining and refinery companies. The company Quantum Metal is developed by Dato Lim Khong Soon who holds an experience of 20 years in electronic component, gold potassium cyanide for gold plating industries and co-development of recovery of gold from electronic waste.
Quantum Metal Sdn. Bhd. (1011907U) registered on 30th July 2012 with a paid-up capital of RM10,000,000.00. It is one of the largest gold bullion distributors in Malaysia. Quantum Metal’s core business is providing 99.99% premium gold products to the Malaysian market including, government bodies, banks, financial institutions, merchants and individual dealer. Quantum Metal’s business model reduces risk of local banks with local banks having direct transactions and legal transactions through Quantum Metal Dato Lim Khong Soon.
About Besra Gold Inc.
Besra Gold Inc. is a Canadian gold mining company with two gold mines in Vietnam, Bau Gold and Phuoc Son Gold. The Company is also in the process of developing the Bau Central Gold Project in Sarawak, Malaysia.
For more information, please contact: https://www.quantummetal.com.my/
Organization: Quantum Metal
Contact Person: Media relations
Release Id: 2701232324
The post Besra Gold Inc. Announces Advanced Discussions with Quantum Metals Review Recovery Inc. appeared first on King Newswire.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Finance Droid journalist was involved in the writing and production of this article.