American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) announced revised terms for its proposed US$25,000,000 financing. The financing involves the sale of up to 100 units of American CuMo’s subsidiary, Idaho CuMo Mining Corporationt at a price of US$250,000 per Idaho CuMo Unit. Each unit will consist f a non-transferable promissory note in the principal amount of US$250,000 as well as a right to enter into a silver purchase and sale agreement with Idaho CuMo.

As quoted in the press release:

The Notes would now be secured against the assets of Idaho CuMo (previously the Notes were to have been unsecured); bear interest at a rate of 8.5% per annum (previously 6.0%), payable semi-annually on June 30 and December 31; and have a term of 7 years. With the consent of the holder of the Note, Idaho CuMo could prepay all or any portion of the principal amount outstanding under such Note at any time, provided that any prepayment in whole or in part of the Note would cause the Silver Purchase Right to immediately expire.

American CuMo also announced a concurrent non-brokered private placement for gross proceeds of up to $500,000 and provided an update on the CuMo project.

Click here to read the American CuMo Mining Corporation (TSXV:MLY) press release
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