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American CuMo pins Acepac suit on poor drill results

2019-05-14 14:08 ET - Street Wire

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by Mike Caswell

American CuMo Mining Corp. denies that it owes anything to Acepac Holdings Ltd., a British Virgin Islands company that is suing American CuMo in the Supreme Court of British Columbia for $1-million (U.S.). American CuMo says that it spent the money on its Calida gold project, as agreed. Acepac is only suing because it is disappointed in the results from drilling on the project, American CuMo says.

The statements from American CuMo come in response to a lawsuit that Acepac filed on March 22, 2019, at the Vancouver courthouse. Acepac complained that it advanced $1-million (U.S.) to American CuMo in 2017 as part of a broader $10-million (U.S.) transaction. The money was supposed to remain in trust until a definitive financing agreement was in place, but the parties never reached any final deal, according to the suit. Acepac said that it eventually asked for the money back, but learned that American CuMo had "appropriated" it for other uses.

For its part, American CuMo says that there was nothing untoward about the use of the money. In a response filed on April 30, 2019, the company explains that it had a business relationship with Acepac or its principal, Ian Ingram, going back many years. The investment at issue came up in March, 2017, when Acepac entered into a letter agreement in which it agreed to provide $1-million (U.S.) as the first instalment on a private placement. In return, Acepac would receive a 5-per-cent interest in an American CuMo subsidiary, Poly Resources LLC.

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