10% discounted convertible promissory note sold to St. George in deal
By Devika Patel
Knoxville, Tenn., Aug. 20 – Brazil Minerals, Inc. sold a $225,500 10% convertible promissory note to St. George Investments, LLC for $200,000 on Aug. 14, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The proceeds raised include a $100,000 promissory note that the investor issued to the company in lieu of cash.
The note has an original issue discount of $25,500 and is convertible into common stock at $0.11 per share, which is a 57.14% premium to the Aug. 13 closing share price of $0.07.
The note matures on June 14, 2015.
Brazil Minerals is a Pasadena, Calif.-based company that owns a 55% interest in Mineracao Duas Barras Ltda., a Brazilian producer of rough diamonds and gold, and explores and develops mineral properties in Brazil.
| Issuer: | Brazil Minerals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $225,500
|
| Maturity: | June 14, 2015
|
| Price: | $200,000
|
| Coupon: | 10%
|
| Conversion price: | $0.11
|
| Conversion premium: | 57.14%
|
| Call: | At 125
|
| Warrants: | No
|
| Investor: | St. George Investments, LLC
|
| Settlement date: | Aug. 14
|
| Stock symbol: | OTCBB: BMIX
|
| Stock price: | $0.07 at close Aug. 13
|
| Market capitalization: | $5.54 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
