RE:RE:Yess my bad thats what i meant to say
American CuMo makes $597,500 (U.S.) payment to IEMR HK
2017-11-29 11:18 ET - News Release
Mr. Shaun Dykes reports
AMERICAN CUMO MINING MAKES SECOND PAYMENT OF IEMR HK DEBENTURES AND UPDATES SHAREHOLDERS
American CuMo Mining Corp. has completed the second payment of $597,500 (U.S.) to IEMR HK (representing payment of $500,000 (U.S.) of principal owing under the second debenture and $97,500 (U.S.) of accrued interest) as part of the amended terms of repayment as outlined in Oct. 30, 2017, news release.
The company's recent non-brokered private placement (see Oct. 11, 2017, news release), with the first tranche of 12.65 million units closed on Oct. 30, 2017, has been oversubscribed, and the company has requested, and the exchange has approved, an extension of terms for an additional week until Dec. 4, 2017, to allow for final interested investors to submit their funds.
Regarding the Millennia deal announced in previous news releases, Millennia, through its contacts, has participated for $150,000 (U.S.) in the private placement and $500,000 in the proposed debenture offering (see herein). All funds have been received by American CuMo, and Millennia continues to inform the company that it is proceeding with finalizing agreements to provide the first-stage financing payment. In addition, Millennia's investors have informed the company that they will taking down their full rights allotment. American CuMo has notified Millennia that it is in negotiations with other parties regarding possible deals involving its properties and that, without delivery of a first-stage financing payment, Millennia could lose part of or all of the proposed deal to one of these parties.
At the request of individual overseas investors (who are ineligible for the recently announced rights offering), the company announces the offering of up to $2-million in convertible debentures. The convertible debentures have a duration of seven years, are secured by the assets of Idaho CuMo Mining and pay interest of 8.75 per cent per year, with interest paid in quarterly instalments. The debentures are convertible into common shares of American CuMo at 7.5 cents per share and carry a five-year warrant exercisable at 11.25 cents per share. The debentures are automatically renewed on a yearly basis at the discretion of the holder and can be converted into stock at any time following four months and one day from the date of closure. Should the holder decide not to renew the debentures, the company has 90 days to repay the principal owed. The debentures are subject to final approval by the TSX Venture Exchange. The company intends to use these funds, along with other financing efforts, to repay the debentures owed to IEMR HK; to finance a prefeasibility study for the CuMo project that will include the ore-sorting results and other optimizations to improve on the results in the Nov. 15, 2015, preliminary economic analysis; and to continue analyzing the results of the Calida gold project's 2017 work program.
Finally, in other events, recent scientific work in the use of molybdenum oxides as an advanced anode material for lithium-ion batteries has made some excellent breakthroughs in improving the charging time and cycle life of the batteries. Lithium-ion batteries are used in everything from cellphones to electric vehicles. This new usage of molybdenum, should it come to fruition, will have a substantial impact on the demand for the metal for which American CuMo is strategically placed and ready to take full advantage of this breakthrough technology.
Shaun M. Dykes, MSc (engineering), PGeo, president and chief executive officer of the company, is the designated qualified person for the CuMo project and the Calida gold project and has prepared the technical information contained in this news release.
About American CuMo Mining Corp.
American CuMo is focused on advancing its CuMo project toward feasibility. American CuMo is also advancing its newly acquired Calida gold project.
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