American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF) announced that it is arranging a non-brokered private placement of up to 10,000,000 units (the “Units”) at a price of Cdn$0.10 per Unit to raise gross proceeds of up to Cdn$1,000,000.
The Company also announces its initiative to raise additional funds for the development of its CuMo Project in Idaho, USA, through the sale of up to a 2% Net Smelter Returns Royalty interest in the project (the “NSR Royalty”). Funds raised from the sale of the NSR Royalty and from the Private Placement are to be used to continue the advancement of the CuMo Project, including drilling to produce the necessary engineering data for the final mineral resource estimate and economic optimizations, environmental base-line studies, and completing an updated economic feasibility analysis that incorporates advanced ore-sorting studies, final metallurgical testing and processing flow-sheet design, and operation analysis and conception.
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