American CuMo Arranges $800,000 Private Placement

American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF) has arranged a non-brokered private placement of up to 10 million units at a price of eight cents per unit for gross proceeds of up to $800,000.
As quoted in the press release:

Funds will be used for general working capital ($400,000) and continuing work on the company’s CuMo porphyry molybdenum-copper-silver project located in Idaho ($400,000). Each unit will consist of one common share of the company and one share purchase warrant exercisable to purchase one common share of the company at a price of 15 cents per common share for a period of five years from the date of issue, subject to an acceleration provision whereby the term of the warrants may be accelerated in the event that the company’s common shares trade at or above a price of 17.5 cents per share for a period of 10 consecutive trading days. In such case, the company may give notice to the holders of warrants that the warrants will expire 20 days from the date of providing such notice.
The offering shall include two parts: a private placement to existing shareholders of CuMoCo under a new prospectus exemption process as set out in British Columbia Instrument 45-534 (and in similar instruments in other provinces of Canada except for Ontario and Newfoundland) and a non-brokered private placement to all other eligible investors in accordance with applicable TSX Venture Exchange rules and securities laws.

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