News
BRAZIL MINERALS EXTINGUISHES ITS LAST CONVERTIBLE NOTE AND NOW HAS ZERO OUTSTANDING DEBT OF ANY TYPE
BELO HORIZONTE, BRAZIL--(May 10, 2021) - Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "Brazil Minerals"), the Strategic Mineral Resources Company for the Green Energy Revolution, is pleased to announce that it now has no outstanding investor debt of any type.
This news has also been reported on a Form 8-K filed today with the Securities and Exchange Commission. Brazil Minerals has already announced that its Bylaws have been changed to prohibit the Company from issuing any variable convertible debt again.
On May 7, 2021, Brazil Minerals paid $276,391 in cash to GW Holdings Group LLC to repurchase and extinguish the last convertible debt held by such fund in the Company. The day before, May 6, 2021, a private trust converted the outstanding principal and accrued interest on the convertible note it held into Brazil Minerals’ common stock. The trust is interested in the long-term success of the Company, and has been a shareholder for several years.
Marc Fogassa, CEO of Brazil Minerals, stated, “It is very rare for a company in our stage to not only completely eliminate investor debt, but also to prohibit any future financing from variable-rate convertible debt. In my opinion, these actions will prove to be highly positive to our shareholders over time.”
About Brazil Minerals, Inc.
Brazil Minerals, Inc. (OTC: BMIX) is a lithium company with two 100%-owned hard-rock lithium projects in Brazil totaling over 80,000 acres. The Company also has full ownership of projects in other strategic minerals such rare earths, titanium, nickel and cobalt. Additionally, Brazil Minerals owns a majority-stake in Apollo Resources Corp., a private company developing its first iron mine, and a minority-stake in Jupiter Gold Corporation (OTCQB: JUPGF), which is developing two gold projects and a quartzite mine. Brazil Minerals is well positioned in the growing ESG space. Follow us on Twitter: @BMIXstock.
