IEMR Resources Inc.: Notice of Default, Loan From Related Party and Option Payment
August 02 2013 - 9:25PM
Marketwired Canada
IEMR Resources Inc. (TSX VENTURE:IRI) (the "Company" or "IEMR") announces that
it received a notice of default dated July 31, 2013 from American Cumo Mining
Corporation ("American Cumo") in respect of a US$200,000 cash option payment
that was due for payment to American Cumo under the option agreement between the
Company, American Cumo and Mosquito Mining Corp. (US) dated January 26, 2010,
amended April 6, 2010 and May 31, 2010, pursuant to which the Company is to earn
a 100% interest in the Pine Tree Property in Nevada.
The Company also announces that it made such US$200,000 cash option payment in
full today to American Cumo from the proceeds of a loan (the "Loan") of the
principal sum of $250,000 (the "Principal") from International Energy and
Mineral Resources Investment (Hong Kong) Company Limited (the "Lender") to the
Company having a term of three years (the "Maturity Date"). The Loan is
unsecured and no interest is payable on the outstanding Principal.
The Lender is a "Related Party" of the Company pursuant to the TSX Venture
Exchange ("TSXV") policies as Mr. Hongxue Fu, President, Chief Executive Officer
and director of the Company, holds a controlling interest in the Lender. As
such, the Loan constitutes a "Related Party Transaction" under the TSXV
policies. The Company is relying on the exemption under section 5.5(b) of
Multilateral Instrument 61-101 - Protection Of Minority Security Holders In
Special Transaction ("MI 61 101") from obtaining a formal valuation as the
Company is listed on the TSXV and no securities of the Company are listed or
quoted on any of the markets specified in said section. The Company is also
relying on the exemption under section 5.7(f) of MI 61-101 from the minority
approval requirement as the transaction was a loan that was obtained by the
Company from a related party on reasonable commercial terms that are not less
advantageous to the Company than if the Loan were obtained from a person dealing
at arm's length with the Company, and the Loan is not: (A) convertible, directly
or indirectly, into equity or voting securities of the Company or a subsidiary
entity of the Company, or otherwise participating in nature; or (B) repayable,
directly or indirectly, in equity or voting securities of the Company or a
subsidiary entity of the Company.
On behalf of the Board of Directors of IEMR RESOURCES INC.
Long Wang, Chief Financial Officer
About IEMR Resources Inc.
IEMR is a junior mining company listed on the TSXV under the symbol "IRI". The
Company is directly tied to and has been formed from capital sources in China
and Canada. IEMR is devoted to taking full advantage of its capital by
participating in mineral and energy projects ranging from exploration,
development, production, processing, smeltering and mineral trade with a
long-term view. The Company's emphasis is on the Chinese and Canadian markets
utilizing the capital stemming from China and the resources and market of Canada
to create a maximum return for shareholders. The Company's investment priorities
ranked in order are copper, chromium, nickel, manganese, uranium, platinum
silver, diamonds and molybdenum. Investment and or acquisitions in exploration
projects will be focused in chromium, manganese, uranium and potash. The Company
has already formed alliances of cooperation with large smeltering steel, copper,
lead, zinc and aluminum companies.
For further information on IEMR, please refer to the Company's profile on SEDAR
at www.sedar.com or the Company's website at www.iemr.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
IEMR Resources Inc.
Long Wang
Chief Financial Officer
(604) 877-8563
info@iemr.ca
www.iemr.ca
IEMR Resources (TSXV:IRI)
Historical Stock Chart
From Oct 2024 to Nov 2024
IEMR Resources (TSXV:IRI)
Historical Stock Chart
From Nov 2023 to Nov 2024