$25 Million Financing Announced by American CuMo Mining
American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) announced financing of up to US$25 million through the sale of up to 100 units of its subsidiary, Idaho CuMo Mining Corporation, at a price of US$250,000 per Unit, with each Unit consisting of a unsecured and non-transferable promissory note in the principal amount of US$250,000 and a right to enter into a silver purchase and sale agreement with Idaho CuMo.
As quoted in the press release:
The Notes would bear interest at a rate of 6% per annum, payable semi-annually on June 30 and December 31, and would have a term of 5 years. With the consent of the holder of the Note, Idaho CuMo could prepay all or any portion of the principal amount outstanding under such Note at any time, provided that any prepayment in whole or in part of the Note would cause the Silver Purchase Right to immediately expire.
The Silver Purchase Right would be exercisable by the holder within 30 days of completion of a feasibility study and decision by the Company to place its CuMo Project located in Idaho into commercial production provided that the Note had not been repaid in full or in part by the Company. Each Silver Purchase Right would, if exercised, require the purchaser to purchase and Idaho CuMo to sell to the purchaser refined silver in an amount equal to 0.5% of the silver (in any form) produced from the CuMo Project, up to a maximum of 312,500 ounces of refined silver (the “Silver Maximum”) pursuant to a Silver Purchase Agreement.
Click here to read the American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) press release
Click here to see the American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) profile.
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