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American CuMo Mining (TSXV:MLY) has closed its previously announced non-brokered private placement and increased the size of the offering to raise total gross proceeds of $550,000. Proceeds will be used for general corporate purposes and to reduce American CuMo’s working capital deficit.
As quoted in the press release:
Each CuMoCo Unit consists of one common share of the Company and one share purchase warrant (a “Warrant”) exercisable to purchase one common share of the Company at a price of Cdn $0.10 per common share until October 9 2016, 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 Cdn $0.12 per share for a period of 10 consecutive trading days. In such case, the Company may, at its option, accelerate the expiry date by delivery of notice to the holder and issuing a press release announcing such acceleration, and, in such case, the expiry date of the Warrants shall be deemed to be the 20th day following the later of the date on which the acceleration notice is sent to the holder of the Warrants and the date of issuance of the press release. All securities issued pursuant to the CuMoCo Offering will be subject to a four month hold period, expiring on February 10, 2015.
Click here to read the American CuMo Mining (TSXV:MLY) press release
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