Brazil Minerals Inc (OTCMKTS:BMIX) shares were down 50% on Tuesday to $0.00010 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $986,610.00 at 9.87 billion shares outstanding.
Brazil Minerals Inc is a company that is engaged in the business of acquiring controlling positions or significant positions with roles in companies in Brazil in the minerals area or in industries related to minerals. Through its subsidiaries, the companyoutright or jointly owns approximately 11 mining concessions and over 15 other mineral rights in Brazil, for diamonds and gold. It also owns an alluvial diamond and gold processing and recovery plant, a sand processing and mortar plant, and several pieces of earth-moving capital equipment used for mining, as well as machines for sand processing and preparation of mortar.
On top of that, Brazil Minerals Inc has owns Mineracao Duas Barras Ltda., RST Recursos Minerais Ltda., BMIX Participacoes Ltda. and Hercules Brasil Ltda and has approximately 30 mineral rights.
In a press release on September 6, Brazil Minerals Inc announced that it had received a notice of conversion of debt to equity from St. George Investments, which is one of its two remaining short-term oriented variable-rate noteholders. After conversion, St. George Investments would have only $11,726 remaining of the company’s variable-rate debt.
In the same press release, Brazil Minerals Inc also shared that the mechanical sieving system for gold retrieval being built at a third-party metalworking facility is scheduled to be delivered by September 20, which is earlier than expected. The company was also able to obtain three new mineral claims through Jupiter Gold Corporation for gold covering 69,330 acres in the southeastern part of the state of Amazonas.