Disclosure NewswireTMiCrowdNewswire - Sep 6, 2016
PASADENA, CA – Brazil Minerals, Inc. (OTC: BMIX) (the “Company” or “BMIX”) today announced that it had received a notice of conversion of debt to equity from St. George Investments, LLC (“SGI”), one of its two remaining short-term oriented variable-rate noteholders. The notice indicated that after the conversion SGI would have only $11,726 remaining of BMIX’s variable-rate debt. The Company believes that it will benefit from the extinguishment of such remaining debt and removal of this likely seller of its common stock.
In other news, the mechanical sieving system for gold retrieval being built at a third-party metalworking facility is scheduled to be delivered at BMIX on or around September 20, earlier than expected. After BMIX concluded its initial tests of alluvial material for gold using centrifuge-based recovery, this system was designed by a mining engineer and other consultants to support operational-scale processing of alluvial material containing gold.
Additionally, BMIX, through its gold-focused subsidiary Jupiter Gold Corporation, obtained in August of 2016 three new mineral claims for gold covering 69,330 acres in the southeastern part of the state of Amazonas in Brazil. This region is known for both alluvial and potential primary gold deposits, although no independent confirmation has been performed in the obtained claims. Their total area is very large; for comparison, it is equivalent to approximately 4.7 times the size of Manhattan island. These claims are part of a mineral rights bank of assets that should increase in value if research confirms the presence of gold. Depending on such research results and other variables, these rights could be developed, become part of royalty-based transactions, or sold; they were listed in BMIX’s recently filed Form 10-Q for the second quarter of 2016.
About Brazil Minerals, Inc.
Brazil Minerals, Inc. (OTC: BMIX) is a producer of diamonds, gold, sand and industrialized mortar. Through subsidiaries, consolidated in our financial statements, we have title to 38 mineral rights for gold, diamonds, manganese, and sand, including 10 mining concessions for gold and diamonds, the highest level of right to mine in Brazil. More information on BMIX is atwww.brazil-minerals.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Brazil Minerals, Inc.’s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, BMIX’s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.