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American CuMo Mining Announces Revised Note and Silver Purchase Financing, Non-Brokered Private Placement, Project Update

American CuMo Mining Announces Revised Note and Silver Purchase Financing, Non-Brokered Private Placement, Project Update

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.

China Molybdenum Hopes to Make More Acquisitions

South China Morning Post reported that China Molybdenum Company Ltd. (HKEX:3993) is on the hunt for more acquisitions after acquiring an Australian copper mine from Rio Tinto Ltd. (ASX:RIO,LSE:RIO,NYSE:RIO).

American CuMo Mining Announces Receivership Application Delayed

American CuMo Mining Announces Receivership Application Delayed

American CuMo Mining Corporation (TSXV:MLY,OTCQX:MLYCF) announced that the British Columbia Supreme Court Judge has adjourned the hearing to appoint a receiver-manager for CuMoCo. The decision comes at the request of legal counsel for International Energy & Mineral Resources Investment (Hong Kong) Company Limited.

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Market News

China’s SRB Buys Moly Oxide, Cobalt

Reuters reported that China's State Reserve Bureau (SRB) has purchased nearly 3,000 tonnes of molybdenum oxide in a bid to "support struggling domestic producers squeezed by tight credit conditions."

China’s SRB Plans First Moly Oxide Purchase

Metal Bulletin reported that China's State Reserve Bureau (SRB) will meet tomorrow with four major local molybdenum producers to discuss its plans to buy molybdenum oxide for the first time.

Japanese Steelmakers Saving Money by Using Ferromoly

Platts reported recently that some Japanese steelmakers are using more ferromolybdenum than molybdenum oxide in order to save on the production of chrome-moly steel for automotive applications.

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