Besra Gold Announces That Quantum Requisitions a Special Meeting

Rhea-AI Summary

Besra Gold Inc (ASX: BEZ) has received a requisition for a special shareholders' meeting from Quantum Metal Recovery Inc, which holds approximately 20% (84,938,256 common shares) of the company's outstanding shares. The meeting, scheduled after March 26, 2025, will address two main purposes:

• The removal of current directors Jon Morda, Michael Higginson, and Chang Loong Lee
• The election of new board members: Matthew Greentree, David Izzard, and William John Blake

The requisition was made under Section 143 of the Canada Business Corporations Act, which allows shareholders holding at least 5% of outstanding shares to request such meetings. The notice of Special Meeting will be sent to all registered shareholders as of the Record Date (March 26, 2025 - Canadian time).

Positive

• None.

Negative

• Major shareholder (20% ownership) attempting to remove entire current board, indicating potential corporate governance issues
• Possibility of significant leadership disruption and strategy changes due to proposed complete board overhaul

Melbourne, Victoria, Australia--(Newsfile Corp. - March 10, 2025) - Besra Gold Inc (ASX: BEZ) ("Besra" or the "Company") announces that Quantum requests a special meeting of the shareholders.

In accordance with ASX Listing Rule 3.17A, the Board of Besra Gold Inc (Corporation) advises that it has received a requisition for a special meeting of the shareholders of the Corporation (Requisition) under Section 143 of the Canada Business Corporations Act (Act).

The Requisition states, "Under Section 143 of the Act, a requisition for a special meeting of shareholders may be made by shareholders holding at least 5% of the Corporation's outstanding shares. Quantum Metal Recovery Inc. (Quantum) holds 84,938,256 common shares equating to approximately 20% of the issued and outstanding capital of the Corporation."

Quantum proposes that, pursuant to the Act, a meeting of shareholders be held as soon as possible for the following purposes:

(a) to remove (i) Jon Morda; (ii) Michael Higginson; (iii) Chang Loong Lee as directors of the Corporation; and
(b) to elect the following people to the Corporation's board of directors: (i) Matthew Greentree; (ii) David Izzard; and (iii) William John Blake.

The notice of Special Meeting will be prepared and despatched to all shareholders appearing on the members' register as of the Record Date (26 March 2025 - Canadian time).

This announcement was authorised for release by the Company's Chair, Jon Morda.

Michael Higginson 
Director and Company Secretary

N. America Contact
James Hamilton
M +1-416-471 4494

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243948

FAQ

What percentage of Besra Gold (BESAF) shares does Quantum Metal Recovery own?

Quantum Metal Recovery owns 84,938,256 common shares, representing approximately 20% of Besra Gold's issued and outstanding capital.

When is the Record Date for Besra Gold's (BESAF) special shareholders meeting?

The Record Date for the special shareholders meeting is March 26, 2025 (Canadian time).

Who are the proposed new directors for Besra Gold's (BESAF) board?

The proposed new directors are Matthew Greentree, David Izzard, and William John Blake.

Which current directors of Besra Gold (BESAF) are proposed to be removed?

Jon Morda, Michael Higginson, and Chang Loong Lee are the current directors proposed to be removed.