Gold Mining Stocks (XAU)

[JohnCM]

This caught my attention ...

BELO SUN CLOSES STRATEGIC INVESTMENT WITH AGNICO EAGLE
05/21/2015
TORONTO, ONTARIO--(Marketwired - May 21, 2015) -

Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX:BSX) announced today the closing of the C$15,000,000 private placement financing with Agnico Eagle Mines Limited ("Agnico Eagle") previously announced on May 14, 2015. A total of 62,500,000 common shares of Belo Sun were issued and sold today to Agnico Eagle at a price of C$0.24 per share. As a result of the transaction, Agnico Eagle now owns 17.4% of Belo Sun's issued and outstanding common shares on a non-diluted basis.

The common shares issued to Agnico Eagle pursuant to the private placement are subject to a mandatory four-month hold period. Additionally, subject to certain conditions, Agnico Eagle has the right to participate in certain future equity offerings by the Company in order to maintain its pro rata investment in the Company and to nominate one person to the board of directors of the Company provided that Agnico Eagle at the time continues to hold no less than ten percent of the then issued and outstanding common shares of Belo Sun on a non-diluted basis. In the event the Company's board is increased to ten or more directors, Agnico Eagle will have the right to appoint one additional director.

Belo Sun's Volta Grande Project is located in Para State, Brazil, one of the most active mining states in the country. In March 2015, the Company completed a Feasibility Study highlighting a straightforward open pit mine that estimates an average annual production of 205,000 ounces of gold for 17 years, with all-in sustaining costs of US$779 per ounce. The NI 43-101 compliant Volta Grande Feasibility Study report is available on Belo Sun's profile on SEDAR at www.sedar.com, or on the Company's website at www.belosun.com.