|By Marketwired .||
|July 24, 2014 07:22 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/24/14 -- International Energy & Mineral Resources Investment (Hong Kong) Company Limited ("IEMR HK"), American CuMo's largest shareholder, wishes to respond to the press releases issued by American CuMo Mining Corporation ("American CuMo") on July 18, 2014 and July 22, 2014. On Thursday July 17, 2014, the Supreme Court of British Columbia heard Mr. Dykes' application to strike the Notice of Civil Claim filed by IEMR HK. Mr. Dykes was unsuccessful in having the action struck, and the court instead elected to only stay the action. IEMR HK may still bring the matter forward by way of a Petition. This change in process provides IEMR HK with the opportunity to have the oppression issue heard faster by the courts (following a process similar to that of a summary trial) rather than the longer, more customary, process of a full trial. IEMR HK may, alternatively, petition for leave to bring a derivative action against Shaun Dykes on behalf of the Company.
IEMR HK also confirms that it has made an application for the appointment of a receiver-manager over the property, rights, assets and undertaking of American CuMo. The application is set to be heard in the Supreme Court of British Columbia on August 1, 2014. The application for the appointment of a receiver is being brought in the Action No. S145655, which is an action commenced by IEMR HK against American CuMo as a result of American CuMo's defaults under the US$1,500,000 convertible note and the Cdn$1,500,000 convertible note issued by American CuMo to IEMR HK, and the related general security agreement. IEMR HK believes that this information is important for shareholders and notes that American CuMo has failed to file its news release concerning the receivership application on SEDAR. IEMR HK encourages other shareholders to review the court materials filed in the proceeding against Shaun Dykes and in the receivership application.
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