|By Marketwired .||
|June 30, 2014 04:19 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/30/14 -- International Energy & Mineral Resources Investment (Hong Kong) Company Limited ("IEMR HK") announced that on June 26, 2014, it made a demand for payment under promissory notes issued by the Company totalling C$1.5 million and US$1.5 million. The notes are secured by a charge over all the assets and property of the Company. The Demand for Payment alleges that certain events of default have occurred under the notes and related security agreement, including, but not limited to, CuMoCo's unauthorised disposition of collateral that secured the loans. IEMR HK has delivered to the Company a Notice of Intention to Enforce Security (the "Notice") issued pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act. IEMR HK can take action to enforce its security interest commencing on July 6, 2014 unless CuMoco repays the notes in full or makes arrangements satisfactory to IEMR HK for payment.
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