Belo Horizonte, Brazil--(Newsfile Corp. - April 12, 2021) - Brazil Minerals, Inc. (OTC Pink: BMIX) (the "Company" or "Brazil Minerals"), the Strategic Mineral Resources Company for the Green Energy Revolution, is pleased to announce that its Board of Directors amended the Bylaws of the Company with the addition of a new article which specifically prohibits Brazil Minerals from issuing any convertible debt that has a downward convertible price adjustment.
Marc Fogassa, CEO of the Company, commented, "We are close to eliminating all third-party convertible debt in the Company. It was used when other options were nonexistent. The change in Bylaws announced today ensures that once such debt is removed, it will never be used again."
As announced on its latest Annual Report on Form 10-K, the Company has provided a 60-day mandatory redemption notice to a private trust which holds a convertible note in the original principal amount of $244,000 and such note will be repurchased in May 2021. Thereafter, the only remaining third-party debt with convertible features will be a $270,000 note which is current and has a maturity date in January 2025.
About Brazil Minerals, Inc.
Brazil Minerals, Inc. (OTC Pink: BMIX) is focused on essential and strategic minerals for the Green Energy Revolution with 100%-owned projects in hard-rock lithium, rare earths and titanium. Additionally, Brazil Minerals has interests in iron through a 60% equity ownership of Apollo Resources Corporation and in gold through a 30% equity ownership of Jupiter Gold Corporation (OTCQB: JUPGF). Follow us on Twitter: @BMIXstock.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Brazil Minerals, Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Brazil Minerals, Inc.'s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that Brazil Minerals' (and its subsidiaries') properties and projects, as of now, are exploratory and do not have measured "reserves" as such term is defined by the Securities and Exchange Commission.
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