Business
Belo Sun Provides a Corporate Update, Announces Receipt of Loan Repayment and Agrees to Amend Outstanding Promissory Note
TORONTO, April 24, 2020 (GLOBE NEWSWIRE) -- Belo Sun Mining Corp. (“Belo Sun” or the “Company”) (TSX: BSX) is pleased to provide a corporate update. COVID-19: B
About this update from Belo Sun Mining Corp.
[{"type":"text","content":" TORONTO, April 24, 2020 (GLOBE NEWSWIRE) -- 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 ...