PASADENA: Brazil Minerals, Inc. BMIX, -1.00% (the “Company” or “BMIX”) announced today that it has hired a new member for its management team in Brazil.
Gisele Souza, J.D., a U.S. and Brazilian citizen, fluent in both English and Portuguese, has been hired as Vice President, Administration and is based in Montes Claros, state of Minas Gerais, Brazil. Montes Claros is a city of approximately 500,000 people and located 90 minutes from our mining areas and mortar and sand operations. Ms. Souza is our new interface with local government offices, regulators, and businesses, including large sand and mortar buyers, all primarily located in Montes Claros. She oversees sales of mortar and sand, submits and monitors regulatory filings with various environmental and mining authorities, interfaces with local accountants and other service providers, and is in charge of human resources for our subsidiaries.
Ms. Souza was born in Brazil and grew up in Massachusetts. She later obtained her law degree from Univali, a university located in her home state of Santa Catarina, Brazil. She has previously worked for small companies in transportation and finance. Ms. Souza worked for BMIX for one month before being offered a position.
Marc Fogassa, CEO of BMIX, commented, “I studied and worked in Massachusetts and Ms. Souza, being brought up in that state, has the New Englander “can-do” attitude. She operates with the U.S.-style entrepreneurship that I want in our local culture. Her full-time presence in Montes Claros and the mining and mortar operations is highly positive for BMIX.”
In other news, after some negotiations, yesterday BMIX signed a letter agreement with St. George Investments, LLC (“SGI”) which gives BMIX or investors introduced by it the right to buy at par value any amount or the entirety of the remaining convertible debt held by SGI. This debt was originally incurred in 2014 when SGI timely funded the Company for the acquisitions of stakes in both Mineracao Duas Barras Ltda and RST Recursos Minerais Ltda. Currently SGI is by far the largest remaining “short-term oriented” note holder in BMIX. The Company and/or investors will have up to 90 days to conclude any such acquisition of SGI’s debt. This agreement is a continuation of BMIX’s effort to remove all of the “short-term oriented” convertible debt in its books, and also to continue to make the Company as close to debt-free as possible.
Brazil Minerals, Inc. BMIX, -1.00% is a U.S. holding company with Brazilian mining properties that produce rough diamonds, gold, and sand, and a business that manufactures and sells mortar.
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