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American CuMo Mining Corporation (TSXV:MLY,OTCQX: MLYCF) has received a notice filed on behalf of IEMR(HK), a company owned and controlled by Hongxue Fu, the chairman and director of the company, that the company has defaulted on its two debentures with IEMR(HK). IEMR(HK) alleges, among other things, that the company disposed of assets contrary to a section of the general security agreement.
As quoted in the press release
The company will be seeking independent legal counsel to vigorously defend the allegations, as the company has not defaulted on any conditions of the debenture agreements.IEMR(HK) also has filed an additional lawsuit against the company and the Chief Operating Officer, Shaun Dykes in which IEMR(HK) is seeking an oppression remedy. Mr. Dykes has advised the Company that the allegations made by IEMR(HK) against him in the Notice of Claim are denied and without any merit.
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