Belo Sun Announces Approval of Normal Course Issuer Bid

Belo Sun Mining Corp. (“Belo Sun” or the “Company”) (TSX:BSX) announces it has received Toronto Stock Exchange (“Exchange”) approval to make a Normal Course Issuer Bid (“NCIB”), to buy back its common shares through the facilities of the Exchange.  Any purchases made pursuant to the NCIB will be made in accordance with the rules of the Exchange and in some instances may be effected through alternative Canadian trading system and will be made at the market price of the common shares at the time of the acquisition.

The Board of Directors of Belo Sun believes that the underlying value of the Company is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase and cancellation of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of Belo Sun shareholders.

The maximum number of common shares that may be purchased for cancellation pursuant to the NCIB is that number of common shares that represents 5% of the issued and outstanding common shares of Belo Sun. Based on the 465,589,915 common shares issued and outstanding as at April 20, 2018, the maximum number of shares to be purchased and cancelled would be 23,279,495.  Daily purchases will be limited to 84,824 common shares other than block purchase exceptions.  This number represents 25% of the average daily trading volume for the six month period from October 1, 2017 to March 31, 2018 being 339,299.  The actual number of common shares that would be purchased, if any, and the timing of such purchases will be determined by Belo Sun considering market conditions, share price, its cash position, and other factors including work to be completed on its mining projects.

Purchases under the NCIB, subject to Exchange approval, will commence on April 30, 2018 and will terminate on April 29, 2019 or the date upon which the maximum number of common shares have been purchased by Belo Sun pursuant to the NCIB. There cannot be any assurance as to how many common shares, if any, will ultimately be acquired by Belo Sun under the NCIB. Belo Sun intends that any shares acquired pursuant to the NCIB will be cancelled.  Belo Sun will make no purchases of common shares other than open market purchases that may be made during the period that the NCIB is outstanding.

About the Company

Belo Sun Mining Corp. is a Canadian-based mineral exploration and development company with a portfolio of gold-focused properties in Brazil.  Belo Sun’s primary focus is advancing and expanding its 100% owned Volta Grande Gold Project, located in Para State.  Belo Sun trades on the TSX under the symbol “BSX”.

Fonte: www.belosun.com