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| BMIX Trading Green on Better than Average Volume |
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 Hot Stock to Watch |
Company: Brazil Minerals Inc. (OTCQB: BMIX)
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Last:
Price: 0.085
Change (%): + 0.004 (4.94)
Volume: 218,172 |
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Brazil Minerals, Inc. Receives Capital Equipment Financing
BELO HORIZONTE, BRAZIL--(Marketwired - Jan 13, 2014) - Brazil Minerals, Inc. (OTCQB: BMIX) (the "Company" or "BMIX"), is a diversified mining company with revenues generated from the sale of rough and polished diamonds as well as gold. BMIX also has various ownership interests in gold, titanium, vanadium, and iron projects in Brazil. The Company announced today that it had closed a transaction with a U.S. family trust in which it received funding directed at the purchase of capital equipment which will be used primarily at its Mineração Duas Barras Ltda. ("Duas Barras") gold and diamond mining property in Brazil. The equipment purchased with these funds will be used to replace expensive rented equipment currently operating on the Duas Barras property.
Marc Fogassa, Chairman and CEO of BMIX, commented, "With this capital equipment financing, we are able to buy pre-selected items of capital machinery, such as an excavator and a bulldozer. We will capitalize them on our balance sheet and eliminate monthly outflows from expensive rental machinery."
The financing was structured as a convertible note with 12% interest and warrants. The Note converts at a price per share that is 42% above the market price of the BMIX common stock on the date of issuance of the Note. The warrants convert at 79% above the market price of the BMIX common stock on the date of issuance of the Warrant.
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