Brazil Minerals Inc (OTCMKTS:BMIX) reported that it had obtained a notice of debt conversion to equity from SGI. It is one of its remaining oriented variable-rate note holders. The announcement revealed that after the planned process SGI would have just $11,726 remaining of company’s variable-rate debt.
The details
Brazil Minerals believes that it will gain from the closure of such remaining debt and elimination of this probable seller of its common stock. The mechanical sieving plan for gold retrieval being established at a third-party metalworking center is planned to be delivered on or around September 20, 2016, earlier than projected. After company closed its initial assessments of alluvial material for gold utilizing centrifuge-based recovery, this mechanism was developed by a mining engineer and other consultants. The objective was to boost operational-scale handling of alluvial material having gold.
Moreover, Brazil Minerals, through its gold-focused unit Jupiter Gold Corporation, acquired in August 2016 3 new mineral claims for yellow metal in the southeastern part of Amazonas in Brazil. This area is known for potential primary gold and alluvial deposits, although no autonomous confirmation has been accomplished in the acquired claims.
The total area is large, and it is equivalent to nearly 4.7 times the size of great Manhattan Island. These rights are part of mineral claims that should grow in value if research validates the presence of gold. Going by such research data and other variables, these claims could be developed, made part of royalty-based deals, or sold. They were listed in Brazil Minerals’ recently submitted Form 10-Q for 2Q2016.
The buzz
Prior to this update, Brazil Minerals reported that Jupiter Gold had acquired a mineral right for gold in the municipality of Paracatu. Morro do Ouro, the largest Brazilian gold mine, is located in Paracatu. It is a mine owned by Kinross Gold, with 2015 reported probable and proven reserves of 9.64 million ounces of gold and yearly production of over 477,000 ounces of gold. The acquired claim is based 350 miles from company’s alluvial gold and diamond businesses and was reported in the recently submitted Form 10-Q for 2Q2016.
Life Clips Inc (OTCMKTS:LCLP) Signs Exclusive Rep Deal with Retail Ready Group
Life Clips Inc (OTCMKTS:LCLP) has finalized an exclusive rep deal with Retail Ready Group, LLC. This deal is signed for distribution of company’s Mobeego and 4K action camera into some of the known retailers in the world.
In response to the latest achievement, CEO Bob Gruder stated that Life Clips continues to launch new sales channels in the U.S. as well as across the globe. They are thrilled as the company has associated with the experienced team of Retail Ready. It is important to mention that Retail Ready has association with leading retailers with huge customer base. The company is more than prepared to benefit from such an opportunity.
Retail Ready has more than 70 years of experience in business and their mission is to help firms navigate the market of working with distributors, e-commerce outlets and retailers. It has established associations with leading outlets including Bros. Corp, Dick’s Sporting Goods, Central Markets and many others.
