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CuMoCo Announces Convertible Debenture Funding
CuMoCo Announces Convertible Debenture Funding.
About this update from Multi-metal Dev Ltd.
[{"type":"text","content":"\n \n \n CuMoCo Announces Convertible Debenture Funding\n \n \nCuMoCo Announces Convertible Debenture Funding\n \n VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 30, 2013) - American CuMo Mining Corporation (CuMoCo) (the \"Company\") (TSX VENTURE:MLY)(OTCQX:MLYCF) is pleased to announce a financing to raise up to US$3 million by the sale of units (\"Units\") at a price of US$1,000 per Unit, with each Unit consisting of a US$1,000 non-transferable unsecured convertible debenture (a \"Convertible Debenture\") of the Corporation and 1,500 non-transferable common share purchase warrants (the \"Warrants\"). 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. The offering is subject to the approval and consent of the TSX Venture Exchange (the \"Exchange\").\n Finder's fees, in accordance with TSX policy, will be paid in connection with the financing. The funds raised in the financing will be used to advance the CuMo Project by producing an updated resource calculation, additional metallurgical studies, an improved economic analysis, and continue the environmental base line work and for general working capital purposes.\n Through part of August and September, the U.S. Forest Service hosted informational open houses to present the proposed Supplemental Environmental Assessment (SEA) and to allow the public to comment on the report. \n \"We believe the Supplemental Environmental Assessment completes a comprehensive review of the company's activities and fulfills commitments to date,\" said Shaun Dykes, CEO of CuMoCo. \"CuMoCo is grateful for the support of the local community and of the government officials who submitted comments supporting the advancement of the Project.\"\n The U.S. Forest Service has completed the public comment period regarding the SEA and is reviewing the submitted comments. USFS will address any substantive issues raised before releasing th...