News release today.......
1 hour ago by GlobeNewswire
Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX: BSX) is pleased to provide a corporate update.
COVID-19: Belo Sun continues to closely monitor developments around the COVID-19 pandemic. The Company quickly followed the recommended measures by public health and government authorities. Currently, none of our employees in Brazil or Canada have been diagnosed with the virus. Belo Sun will continue to monitor the situation with our priority being the health and safety of our employees and our surrounding communities.
Indigenous Study: Belo Sun successfully completed and submitted the Indigenous Study to FUNAI (Fundacao Nacional do Indio or Federal Agency of Indigenous Affairs) at the end of February 2020 which followed the established protocols of FUNAI including the collection of primary data and consultation with Indigenous communities.
Although the Company expects that the COVID-19 pandemic may impact governmental activities in Brazil, under normal circumstances the review process following submission would be 90 calendar days to review the report and to ask for clarifications and 30 additional days to complete the review of the report following the companies response to any clarification requests.
Corporate Activities: Belo Sun continues to advance financial discussions with various groups in preparation for the commencement of construction following the lifting of the construction license (LI) suspension.
The Company recently completed in conjunction with some of its principle engineering providers and suppliers an internal capital and operating cost review of its feasibility study and these values remain within 5% of the original estimate (please refer to the press release of the Company dated May 05, 2015 for more details).
The Company announces that it has entered into a promissory note amendment effective as of the date April 23, 2020, with Peter Tagliamonte, Belo Sun's CEO and President (the "Promissory Note Amendment"), pursuant to which the Company and Mr. Tagliamonte agreed to extend the maturity date and adjust the interest rate of the $4,332,550 loan made to Mr. Tagliamonte on April 23, 2018.
On April 23, 2018, the Company made a series of loans to certain supporting officers and directors to support the private purchase of common shares of Belo Sun from a large exiting corporate shareholder for the purpose of ensuring an orderly and stable market for the common shares on the Toronto Stock Exchange and to further align such supporting directors interests' with the Company (please refer to the press release of the Company dated April 23, 2018 for more details). The supporting directors have now repaid in full the loan with interest with the exception of Mr. Tagliamonte. This brings the Company's cash balance to $32,377,530. To date Mr. Tagliamonte has repaid $664,566 of the principal and interest on the outstanding loan.
Following consultation with major shareholders and discussions between the Board of the Company to continue to align such interests, the Board of the Company and Mr. Tagliamonte, has agreed to: (a) extend the maturity date of the loan to April 23, 2022 and (b) amend the interest payable to be equal to LIBOR, the commercial rate of interest that the Company receives on its cash holdings, by entering into the Promissory Note Amendment. The Company believes that the Promissory Note Amendment is positive and aligns with the interests of the Company, shareholders and senior management. The Promissory Note Amendment was considered and approved by the non-conflicted members of the board of directors of the Company.
1 hour ago by GlobeNewswire
Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX: BSX) is pleased to provide a corporate update.
COVID-19: Belo Sun continues to closely monitor developments around the COVID-19 pandemic. The Company quickly followed the recommended measures by public health and government authorities. Currently, none of our employees in Brazil or Canada have been diagnosed with the virus. Belo Sun will continue to monitor the situation with our priority being the health and safety of our employees and our surrounding communities.
Indigenous Study: Belo Sun successfully completed and submitted the Indigenous Study to FUNAI (Fundacao Nacional do Indio or Federal Agency of Indigenous Affairs) at the end of February 2020 which followed the established protocols of FUNAI including the collection of primary data and consultation with Indigenous communities.
Although the Company expects that the COVID-19 pandemic may impact governmental activities in Brazil, under normal circumstances the review process following submission would be 90 calendar days to review the report and to ask for clarifications and 30 additional days to complete the review of the report following the companies response to any clarification requests.
Corporate Activities: Belo Sun continues to advance financial discussions with various groups in preparation for the commencement of construction following the lifting of the construction license (LI) suspension.
The Company recently completed in conjunction with some of its principle engineering providers and suppliers an internal capital and operating cost review of its feasibility study and these values remain within 5% of the original estimate (please refer to the press release of the Company dated May 05, 2015 for more details).
The Company announces that it has entered into a promissory note amendment effective as of the date April 23, 2020, with Peter Tagliamonte, Belo Sun's CEO and President (the "Promissory Note Amendment"), pursuant to which the Company and Mr. Tagliamonte agreed to extend the maturity date and adjust the interest rate of the $4,332,550 loan made to Mr. Tagliamonte on April 23, 2018.
On April 23, 2018, the Company made a series of loans to certain supporting officers and directors to support the private purchase of common shares of Belo Sun from a large exiting corporate shareholder for the purpose of ensuring an orderly and stable market for the common shares on the Toronto Stock Exchange and to further align such supporting directors interests' with the Company (please refer to the press release of the Company dated April 23, 2018 for more details). The supporting directors have now repaid in full the loan with interest with the exception of Mr. Tagliamonte. This brings the Company's cash balance to $32,377,530. To date Mr. Tagliamonte has repaid $664,566 of the principal and interest on the outstanding loan.
Following consultation with major shareholders and discussions between the Board of the Company to continue to align such interests, the Board of the Company and Mr. Tagliamonte, has agreed to: (a) extend the maturity date of the loan to April 23, 2022 and (b) amend the interest payable to be equal to LIBOR, the commercial rate of interest that the Company receives on its cash holdings, by entering into the Promissory Note Amendment. The Company believes that the Promissory Note Amendment is positive and aligns with the interests of the Company, shareholders and senior management. The Promissory Note Amendment was considered and approved by the non-conflicted members of the board of directors of the Company.