Brazil Minerals Inc (OTCMKTS:BMIX) posted that SGI has released a debt to equity conversion notice. SGI comes in the list of company’s oriented variable-rate noteholders. This indicates that after the planned conversion, SGI would own just $11,726 remaining of firm’s variable-rate debt.
Brazil Minerals reported that it stands to gain from this reported debt closure and elimination of SGI from its list of probable sellers of BMIX common stock. Additionally, the company confirmed that the mechanical sieving procedure for gold retrieval that is set at a third-party metalworking center can be delivered in this month.
After firm closed its preliminary assessments of alluvial material for yellow metal utilizing centrifuge-based recovery, this plan was advanced by a team of mining engineer and expert consultants. The goal was to enhance operational-scale management of alluvial material containing gold.
Furthermore, Brazil Minerals, through its subsidiary unit Jupiter Gold Corporation, bought in August 3 mineral claims for gold in Amazonas, Brazil. This part is famous for its potential primary gold as well as alluvial deposits, while no separate confirmation has been set in the acquired claims.
Brazil Minerals reported that the area is large, as it is equivalent to almost 4.7 times the area of great Manhattan Island. These new rights are part of claim that is intended to increase in value if research proves the presence of gold. Following this research data and related factors, these claims could be established, and be included in royalty-based deals, or they can be sold. They were listed in Form 10-Q submitted for 2Q2016.
Prior to this press release, Brazil Minerals posted that Jupiter Gold had purchased a mineral right for yellow metal in the municipality of Paracatu. It should be noted that Morro do Ouro is the largest Brazilian gold mine based in Paracatu. Kinross Gold owns this mine, with FY2015 announced probable and verified reserves of over 9 million ounces of gold with yearly production of more than 470,000 ounces of gold. This claim is based over 300 miles from firm’s alluvial gold businesses and was highlighted in the recently filed Form 10-Q for last quarter.