RAPAPORT... Brazil Minerals Inc. generated $500,000 from the sale of diamonds, common stock and two-year options to four investors. The diamonds, which the company stated were graded by the Gemological Institute of America (GIA), can be delivered up until December 31, 2015. Brazil Minerals began selling a portion of its production as polished diamonds this year in an effort to tap higher margins from the market and the company has received more than $1.5 million from this strategy so far this year.
Marc Fogassa, the chairman and CEO of Brazil Minerals, said, "The news announced today is very good. It is another example of the company's ability to attract capital from the forward sale of diamonds that are being produced in our mining operations in Brazil. This is a validation of our business model and of the quality of our production."
Brazil Minerals mines rough diamonds and gold, and owns interests in titanium, vanadium and iron projects in Brazil.