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Financings

Belo Sun arranges $30-million (U.S.) private placement

By The Northwire Desk — AI Analysis Dec 22, 2025 · 18:05 BSX · 0.61 Belo Sun Mining Corp.
BSX · Price

Executive Summary

  • Belo Sun Mining Corp. has arranged a non-brokered private placement financing for up to $30 million (U.S.) at a price of 43 cents per common share.
  • La Mancha Investments Sarl, an existing shareholder, intends to provide a majority of the funding, which will result in the creation of a new "control person" under Toronto Stock Exchange rules.
  • The transaction requires shareholder approval for the creation of the new control person and reliance on exemptions from formal valuation requirements under Multilateral Instrument 61-101.

Key Details

  • Financing Structure: Non-brokered private placement.
  • Price: 43 cents per Belo Sun common share.
  • Gross Proceeds: Up to $30 million (U.S.) ($41,343,000).
  • Lead Investor: La Mancha Investments Sarl (a subsidiary of La Mancha Resource Fund SCSp), which is an existing shareholder.
  • Investor Commitment: La Mancha, together with other existing shareholders, intends to provide a majority of the funding for the offering.
  • Use of Proceeds: Working capital and general corporate purposes, including existing commitments to local communities and stakeholders associated with the Volta Grande gold project.
  • Closing Conditions: Subject to final approval of the Toronto Stock Exchange and receipt of required shareholder approvals.
  • Anticipated Closing Date: On or about Feb. 24, 2026.
  • Shareholder Restrictions: All common shares issued are subject to a statutory hold period of four months plus a day from the date of issuance.
  • Control Person Status: The transaction is expected to create a new control person (La Mancha) as defined by TSX rules, requiring approval by a majority of disinterested shareholders at a special meeting.
  • Regulatory Exemptions: The company relies on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 because the fair market value of La Mancha's participation is less than 25% of Belo Sun's current market capitalization.
  • Finder Fees: The company may pay finder fees in accordance with TSX policies, except for shares issued to La Mancha and other existing shareholders.

Notable Quotes

  • No direct quotes from the CEO or President were included in the provided text.
Read the original news release →

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