VANCOUVER, Jan. 27, 2015 /CNW/ - American CuMo
Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY;
OTCQX: MLYCF) wishes to announce the Company and International
Energy & Mineral Resources Investment (Hong Kong) Company Limited ("IEMR HK") have
agreed to settle IEMR HK's existing receivership application (the
"Existing Receivership Application") and American CuMo's
application for security for costs (the "Security for Costs
Application"), both scheduled for hearing on January 27 and 28, 2015.
The terms of the agreement are as follows:
- The parties will consent to an order dismissing the Existing
Receivership Application (the "Order") on the follows terms:
(a) the Order will be without costs to either party;
(b) the Order will state that it is made without prejudice to
IEMR HK's right to proceed with the Action on the basis of the
facts alleged in the Notice of Civil Claim and without prejudice to
any future right IEMR HK has under the subject notes and security
agreement (the "Notes and Security"), including the right to bring
a new application for the appointment of a receiver in the event a
judgment is made in the Action in favour of the Plaintiff or there
is a default under the Notes and Security other than a default
arising out of the facts alleged in the notice of application filed
in the Existing Receivership Application;
(c) the Order will state that IEMR HK shall not bring
any further interlocutory applications for a receiver unless there
is a future default under the Notes and Security other than a
default arising out of the facts alleged in the notice of
application filed in the Existing Receivership Application;
- The parties will consent to an order dismissing the Security
for Costs Application without costs to either party;
- As consideration for American CuMo's waiver of costs in
accordance with paragraph 2, IEMR HK will permit American CuMo to
set off any future costs award made by the Court against IEMR HK in
favour of American CuMo against the amounts owing under the Notes
and Security and the letter setting out the terms of the agreement
shall constitute an amendment in writing of the Notes and Security
to allow for this right of set-off.
The Annual General Meeting will now proceed on the adjusted date
of Wednesday, March 18 2015 at
10:00 a.m., at a place to be
announced, to give additional time for possible financings that may
require a shareholder vote. Information on the agenda will be
mailed on or about February 17, 2015
to all shareholders.
About CuMoCo
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. For more information, please visit
www.cumoco.com and www.cumoproject.com
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.
Forward-looking information
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 financial year ended
June 30, 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 Corporation
