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International Energy & Mineral Resources (Hong Kong) litigation developments
International Energy & Mineral Resources (Hong Kong) litigation developments.
About this update from Multi-metal Dev Ltd.
[{"type":"text","content":"\n\n\n\nInternational Energy & Mineral Resources (Hong Kong) litigation developments\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nInternational Energy & Mineral Resources (Hong Kong) litigation developments\nCanada NewsWire\nVANCOUVER, July 22, 2014\n\n\n\nVANCOUVER, July 22, 2014 /CNW/ - American CuMo Mining Corporation (\"CuMoCo\" or the \"Company\") (TSXV: MLY) (OTCQX: MLYCF) announces that further to a news release dated June 30, 2014 issued by three directors of the Company, it has been served with a Notice of Civil Claim filed by International Energy & Mineral Resources Investment (Hong Kong) Company Limited (\"IEMR HK\") (a) claiming that the US$1,500,000 convertible note and the Cdn$1,500,000 convertible note (collectively, the \"Notes\") issued by the Company to IEMR HK on April 9, 2013, as well as a general security agreement dated December 12, 2012 between the Company and IEMR HK, are in default, (b) seeking a judgment against the Company in the amount of principal outstanding under the Notes, as well as all accrued and unpaid interest in respect thereof, and (c) seeking to appoint a receiver-manager over the property, rights, assets and undertaking of the Company.  IEMR HK has also filed a Notice of Application seeking the appointment of a receiver-manager to be heard in Supreme Court of British Columbia on August 1, 2014. \n\nIEMR(HK) is the same party which commenced an action against the company and Shaun Dykes on June 17, 2014.  As set out in the Company's news release dated July 18, 2014, the British Columbia Supreme Court issued an order on July 17, 2014 directing that IEMR(HK)'s prior action be stayed on the basis that it had been improperly commenced.\n\nThe Company is working with independent legal counsel to vigorously defend itself in this matter and to consider the pursuit of all legal remedies available to it.  The Company will provide an update as matters progress.\n\nAbout CuMoCo\n\nCuMoCo is focused on advancing its CuMo Project towards feasibility and establishing itself as one o...