Deal with Global Corporate Finance to span two years, company reports
By Devika Patel
Knoxville, Tenn., Dec. 12 – Brazil Minerals, Inc. negotiated a $1.5 million two-year common stock purchase agreement with Global Corporate Finance on Dec. 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
The shares will be sold at a price equal to 97% of the average of the three lowest volume weighted average prices of the stock during the 10 consecutive trading days following a put notice. The per-share price has a floor of $0.02, which is identical to the Dec. 8 closing share price.
The investor also received 300,000 shares as a commitment fee.
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: | Common stock purchase agreement
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| Amount: | $1.5 million
|
| Tenor: | Two years
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| Price: | 97% of the average of the three lowest volume weighted average prices of the stock during the 10 consecutive trading days following a put notice, floor of $0.02
|
| Warrants: | No
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| Investor: | Global Corporate Finance
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| Fees: | 300,000 shares
|
| Settlement date: | Dec. 9
|
| Stock symbol: | OTCBB: BMIX
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| Stock price: | $0.02 at close Dec. 8
|
| Market capitalization: | $995,760
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