Belo Sun Announces Private Placement Financing

Core Points - Belo Sun Mining Corp. is conducting a non-brokered private placement financing at a price of C$0.43 per common share, aiming for gross proceeds of up to US$30 million (C$41,343,000) [1] - La Mancha Investments, an existing shareholder, has committed to participate in the private placement and will provide a majority of the funding [2] - The completion of the private placement is expected to create a new Control Person, La Mancha, subject to shareholder and Toronto Stock Exchange approvals [3] Financing Details - The private placement will involve a statutory hold period of four months plus a day from the date of issuance [4] - Proceeds from the financing will be used for working capital and general corporate purposes, including commitments to local communities [5] - The company may pay finder fees in accordance with Toronto Stock Exchange policies [5] Regulatory Considerations - The securities issued in the private placement will not be registered under the United States Securities Act of 1933 [6] - The creation of a new Control Person requires shareholder approval as La Mancha's participation will result in holding 20% or more of the shares [7] - La Mancha's participation is classified as a related party transaction, and the company will rely on exemptions from formal valuation and minority shareholder approval requirements [8] Company Overview - Belo Sun is focused on developing the Volta Grande Gold Project in Pará State, Brazil, and trades on the Toronto Stock Exchange under the symbol "BSX" [9]