American CuMo Mining Amends Option Agreement
American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) made changes to its management team and amended the terms of the Pine Tree Option Agreement, pursuant to which IEMR Resources Inc. was granted the option to earn a 100% interest in the Pine Tree Property.
As quoted in the press release:
The Board of Directors of the Company have resolved to undertake a search for a new President/ Chief Executive Officer. Hongxue Fu, formerly the Company’s executive Chairman and President, has been appointed executive Chairman; Shaun Dykes, formerly the Company’s interim Chief Executive Officer, has been appointed Chief Operating Officer and Charles Yuen, recently elected a director of the Company, has been appointed as Executive Vice-President. Messrs Dykes and Yuen will be responsible for managing the day-to-day operations of the Company until the new President and Chief Executive Officer has been appointed. The Board has also appointed an Audit Committee comprised of Joseph Baird, John Moeller, Charles Yuen and recently-elected director Yiming Xie.
Amendment to Pine Tree Option Agreement
Prior to the Amendment, IEMR had: (a) made all cash payments due under the Option Agreement to the Company except the final US$200,000 cash payment due on or before June 25, 2014 (the “Final Cash Payment”); (b) issued a total of 4 million common shares of IEMR (the “Issued Shares”) to the Company pursuant to the Option Agreement and was to issue an additional 1 million common shares (the “Final Share Instalment”) to the Company on or before June 25, 2014; and (c) incurred the amount of exploration expenditures on the Pine Tree Property required to exercise the Option.
Pursuant to the Amendment, the parties agreed to amend the Option Agreement to cause IEMR to pay the Company the Final Cash Payment immediately on the following terms: (a) that the size of the Final Cash Payment be reduced to US$185,000 (the “Amended Payment”); that IEMR not be required to issue the Final Share Instalment to the Company; and that the Company return the Issued Shares to IEMR for cancellation.
The Company confirms receipt of the Amended Payment from IEMR, and as such, IEMR has earned a 100% interest in the Pine Tree Property, subject to the Underlying NSR.