International Energy & Mineral Resources (Hong Kong) litigation developments
VANCOUVER, July 22, 2014 /CNW/ - American CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY) (OTCQX: MLYCF) announces that further to a news release dated June 30, 2014 issued by three directors of the Company, it has been served with a Notice of Civil Claim filed by International Energy & Mineral Resources Investment (Hong Kong) Company Limited ("IEMR HK") (a) claiming that the US$1,500,000 convertible note and the Cdn$1,500,000 convertible note (collectively, the "Notes") issued by the Company to IEMR HK on April 9, 2013, as well as a general security agreement dated December 12, 2012 between the Company and IEMR HK, are in default, (b) seeking a judgment against the Company in the amount of principal outstanding under the Notes, as well as all accrued and unpaid interest in respect thereof, and (c) seeking to appoint a receiver-manager over the property, rights, assets and undertaking of the Company. IEMR HK has also filed a Notice of Application seeking the appointment of a receiver-manager to be heard in Supreme Court of British Columbia on August 1, 2014.
IEMR(HK) is the same party which commenced an action against the company and Shaun Dykes on June 17, 2014. As set out in the Company's news release dated July 18, 2014, the British Columbia Supreme Court issued an order on July 17, 2014 directing that IEMR(HK)'s prior action be stayed on the basis that it had been improperly commenced.
The Company is working with independent legal counsel to vigorously defend itself in this matter and to consider the pursuit of all legal remedies available to it. The Company will provide an update as matters progress.
CuMoCo is focused on advancing its CuMo Project towards feasibility and establishing itself as one of the largest and lowest-cost molybdenum producers in the world as well as a significant producer of copper and silver. Management is continuing to build a strong foundation from which to move the Company and the CuMo Project forward.
On behalf of the Board of Directors of
American CuMo Mining Corporation
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including, but not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, such the Company's ability to move its CuMo Project to feasibility and production, and to become one of the largest and lowest-cost molybdenum producers in the world as well as a significant producer of copper and silver. Forward-looking information is based on a number of material factors and assumptions, including the result of exploration activities, the ability of the Company to raise the financing for a feasibility study and to put the CuMo project into production, that no labour shortages or delays are experienced, that plant and equipment function as specified that the Court will not intervene with the Company's proposed exploration activities at the CuMo Project, and the ability of the Company to obtain all requisite permits and licenses to advance the CuMo Project and eventually bring it into production. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future prediction, projection or forecast expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of molybdenum, silver and copper; possible variations in grade or recovery rates; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing, as well as those factors disclosed in the Company's publicly filed documents, including the Company's Management's Discussion and Analysis for the period ended March 31, 2014. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE American Cumo Mining CorporationFor further information: Shaun Dykes, President and Chief Executive Officer, American CuMo Mining Corporation, Tel: (604) 689-7902, Email: email@example.com