American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF)Â announced that its non-brokered private placement of up to 10,000,000Â units at a price of Cdn$0.10 per unit for gross proceeds of up to $1,000,000, announced on May 12, 2016 has been closed and oversubscribed. The Board of Directors approved an increase to the size of the CuMoCo Offering, and the Company has sold a total of 10,241,500 CuMoCo Units for total gross proceeds of $1,024,150.
A portion of the proceeds of the CuMoCo Offering will be applied to reduce the Company’s working capital deficit and the remainder for general corporate purposes.
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