Meeting and Re-election of Directors and Officers
Vancouver, British Columbia–(Newsfile Corp. – June 5, 2018) – American CuMo Mining Corporation
(TSXV: MLY) (OTC: MLYCF)
This Company is highly undervalued at current price, we feel that a fair market value would easily be in the $3.00 to $5.00 range right now. We think a 1 year hold will garner a very large return for you if you buy the stock at these levels.
(“CuMoCo” or the “Company”) is pleased to announce that at the Company’s Annual General Meeting held May 30th all resolutions were passed and approved by shareholders. The following individuals were re-elected as Directors of CuMoCo: Shaun M. Dykes, Joseph Baird, Dr. John Moeller, Thomas Conway, and Trevor Burns.
The Board of Directors passed the following motions: (a) Shaun Dykes was re-appointed as President and Chief Executive Officer; (b) John Moeller was appointed as Chairman of the Board of Directors (c) Trevor Burns was appointed Chief Financial Officer of the Company. The Board also appointed Messrs. Conway, Moeller, and Baird to the Audit Committee.
Shaun Dykes, President and CEO, thanked shareholders for their support and continued patience during the past twelve months and provided a detailed update on the progress of the CuMo Project and the current state of negotiations with various parties interested in funding the Company. As a direct result of the announcement of the updated economic analysis and the significant reduction in the cost to produce a pound of molybdenum from US$5.87 to US$2.37 (news release dated April 10, 2018), interest in financing the project has increased substantially, with many unsolicited calls being received from interested parties. Over the past few months, substantial progress has been made in the completing the Supplemental Environmental Assessment. The Company is moving forward with the Pre-Feasibility Study and will include additional optimizations intended to reduce costs further and increase the profitability of the CuMo Project. Management continues to confirm that any proposed financing will be beneficial to shareholders of the Company and that attempts from various parties to obtain control of the CuMo asset for far less than its value will be rejected.
In other news, as a result of numerous positive discussions with various investors and groups in Munich, Zurich, and New York, CuMoCo has decided to offer, for a limited amount of time, three attractive investment opportunities: a private placement in the Company at $0.10 per Unit with a Unit consisting of one share and one two-year warrant exercisable at $0.15; a 5-year secured convertible debenture that pays 8% interest and is convertible into common shares at US$0.075 per share; and the previously announced silver debenture units whereby investors purchase a secured convertible silver stream debenture that pays 8.75% interest and have the right to purchase silver for US$5 per ounce from future production. The Company anticipates raising up to US$4 million from the private placement and convertible debentures and up to US$20 million through the sale of silver stream debentures. CuMoCo expects significant interest in these high-return, low-risk investment opportunities and is offering them on a first-come, first-serve basis.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., President and CEO of the Company, is the designated qualified person for the CuMo Project and the Calida Gold project and has prepared the technical information contained in this news release.
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