BRAZIL MINERALS, INC.
Exhibit 10.16
000 Xxxxx Xxxx Xxxxxx, Xxxxx 000
Pasadena, California 91101
August 11, 2015
Xxxx Xxxxx
[address]
Dear Xxxx:
Reference is made to the Convertible Promissory Note from Brazil Minerals, Inc. (“BMIX”) to you in the principal amount of $50,000, a copy of which is attached hereto as Exhibit A (the “Note”). This will confirm our agreement that effective immediately upon the filing with the Nevada Secretary of State of the Certificate of Designations, Preferences and Rights of the Series B Convertible Preferred Stock of BMIX, a copy of which is attached hereto as Exhibit B, BMIX shall issue to you a certificate for 50 (fifty) shares of its Series B Preferred Stock, in exchange for, and in full satisfaction of, the Note.
Please acknowledge your agreement with the foregoing by signing a copy of this letter in the space indicated below and returning the signed copy to BMIX.
Very truly yours,
By: /s/ Xxxx Xxxxxxx
Xxxx Xxxxxxx, Chief Executive Officer
AGREED TO:
/s/ Xxxx Xxxxx
Xxxx Xxxxx
Exhibit 10.16 -- Page 1
