Business
American CuMo Mining closes oversubscribed private placement, grants stock options
American CuMo Mining closes oversubscribed private placement, grants stock options.
About this update from Multi-metal Dev Ltd.
[{"type":"text","content":"\n\n\n\nAmerican CuMo Mining closes oversubscribed private placement, grants stock options\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAmerican CuMo Mining closes oversubscribed private placement, grants stock options\nCanada NewsWire\nVANCOUVER, Oct. 9, 2014\n\n\n\nVANCOUVER, Oct. 9, 2014 /CNW/ - American CuMo Mining Corporation (\"CuMoCo\" or the \"Company\") (TSXV: MLY; OTCQX: MLYCF) is pleased to announce that its non-brokered private placement of up to 10,000,000 units (\"CuMoCo Units\") at a price of Cdn$0.05 per unit for gross proceeds of up to $500,000 (the \"CuMoCo Offering\"), announced on August 20, 2014, has been closed and oversubscribed. The Board of Directors approved an increase to the size of the CuMoCo Offering, and the Company has sold a total of 11,000,000 CuMoCo Units for total gross proceeds of $550,000. A portion of the proceeds of the CuMoCo Offering will be applied to reduce the Company's working capital deficit and the remainder for general corporate purposes.\n\nEach 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.\n\nInsiders and their associated parties, each being a \"related party\" of the Company (as such term is ...