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Brazil Minerals (OTCQB:BMIX) has received US$200,000 from the sale of three-year maturity notes to long-term investors. The notes have a fixed conversion price and a ten percent interest rate, and are not secured or backed by any collateral.
As quoted in the press release:
The proceeds received will be used primarily for BMIX’s cash reserves and general corporate uses. Payment of these three-year notes will occur by allocation in year one of five percent of the revenues from certain sand-related cash flows; followed by allocations of 15% and 30% of these revenue streams in years two and three, respectively, unless the notes are already fully paid. These investors approached BMIX with the overall transaction; there was no broker-dealer involved and no commission was paid to a third party.
Click here to read the Brazil Minerals (OTCQB:BMIX) press release
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