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American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) announced a financing to raise up to US$3,000,000, at a price of US$1,000 per unit. Each unit will consist of a US$1,000 non-transferable unsecured convertible debenture of the Company and 1,500 non-transferable common share purchase warrants.
As quoted in the press release:
Each Convertible Debenture has a term of 5 years, bears an interest rate of 8.5% per annum, with interest payable on a semi-annual basis, and is convertible into common shares of the Corporation at a price of US$0.3333 per common share. Each Warrant will entitle the holder to purchase one additional common share of the Corporation (a “Warrant Share”) for a period of five years at a price of US$0.40 per warrant Share. The company has the right to buy back the convertible portion at any time and the subscriber keeps the warrant.
Click here to read the American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) press release
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