American CuMo Mining and IEMR (HK) Agree to Dismiss Application to Appoint Receiver

American CuMo Mining (TSXV:MLY) announced that it has agreed to settle International Energy & Mineral Resources’ receivership application as well as American CuMo’s application for security costs.

As quoted in the press release:

The parties will consent to an order dismissing the Existing Receivership Application (the “Order”) on the follows terms:

• the Order will be without costs to either party;
• 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;
• 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;

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