- Bassari Resources (BSR) has been notified Coris International Bank has postponed legal proceedings over a key exploration permit in Senegal
- Coris is seeking to take possession of the permit within the Makabingui project, which was secured against a US$12.3 million (A$16.9 million) debt
- A court hearing for the bank’s proceeding for the seizure and sale of the permit is now scheduled for August 24, 2021
- Bassari says it is continuing to seek a repayment solution with Coris, and to confirm with the Government of Senegal the permit is in good standing
- BSR shares were suspended from trade in April 2020 when they last traded at 1.3 cents
Western Australia-based, West African-focussed gold developer Bassari Resources (BSR) has been notified Coris International Bank has postponed legal proceedings.
The company was previously advised by the bank that if it had not repaid 80 per cent of its US$12.3 million (A$16.9 million) debt secured by charge over a key permit, it would seek to continue with enforcement proceedings.
The Sambarabougou exploitation permit is part of the Makabingui Project in Senegal. It was first granted in July 2017, and was due to expire in July 2021.
Bassari and development company Makabingui Gold Operations (MGO) have been seeking confirmation with the Senegalese government and mining department that the permit can be renewed for a further five years.
A hearing for proceedings by Coris to execute the commissary pact and take possession of Sambarabougou was scheduled for August 10, 2021, but was removed from the court list at the request of the bank.
Coris is now pursuing the seizure and sale of the exploration permit at a hearing scheduled for August 24, 2021.
Bassari said it was continuing to seek a repayment solution with Coris and was working to confirm the good standing of the permit with the Government of Senegal.
BSR shares were suspended from trade in April 2020 when they last traded at 1.3 cents.