Belo Sun Announces Closing of Private Placement Financing

Executive Summary

• Belo Sun Mining Corp. closed a non‑brokered private placement raising US$30 million (C$41.3 million).
• 96,146,512 common shares were issued at C$0.43 per share; La Mancha Investments subscribed for 50,587,226 shares and became a Control Person.
• Proceeds will be used for working capital, general corporate purposes, and commitments to local communities tied to the Volta Grande Gold Project.

Key Details

• Gross proceeds: US$30 million (C$41.3 million).
• Shares issued: 96,146,512 common shares at C$0.43 per share.
• Investor participation: La Mancha Investments S.à r.l. subscribed for 50,587,226 shares, acquiring control‑person status under TSX rules.
• Use of proceeds: Working capital, general corporate purposes, and existing community/stakeholder commitments related to the Volta Grande Project.
• Statutory hold period: All issued shares are subject to a hold until June 25 2026.
• Regulatory compliance: No securities were registered under the U.S. 1933 Act; offering not permitted in the United States absent exemption.
• Control Person approval: Majority of disinterested shareholders approved creation of the new Control Person per TSX requirements.
• Related party transaction: Transaction qualifies as a “related party transaction” under MI 61‑101; exemptions applied because fair market value is <25% of current market cap.

Notable Quotes

(No CEO/President quotes were included in the release.)