International Energy & Mineral Resources Investment (Hong Kong) Company Limited

June 30, 2014 16:19 ET

IEMR HK Sues Director and COO of American CuMo

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2014) - International Energy & Mineral Resources Investment (Hong Kong) Company Limited ("IEMR HK") announced that on June 17, 2014 it filed a Notice of Civil Claim with the Supreme Court of British Columbia naming as defendants American CuMo Mining Corporation ("CuMoCo" or the "Company") and Shaun Dykes, the Company's Chief Operating Officer. The Notice of Claim alleged that Mr. Dykes are exercising his power as a director of the Company in a manner oppressive to IEMR HK as a shareholder of the Company. IEMR has alleged that Mr. Dykes has engaged in oppressive conduct by, among other things: (a) breaching resolutions of the Board of Directors of the Company by, among other things, acting without authority to selling the Company interest in a royalty in respect of the Brett property and by selling property and mining equipment owned by the Company's wholly-owned subsidiary, Idaho CuMo Mining Corporation (the "Asset Sale"); (b) demonstrating bad faith by, among other things, threatening other directors of the Company regarding the signing of cheques, holding himself out as CEO of the Company when he no longer held that position, and making decisions of the Company in a secretive and unilateral manner; (c) and assisting, without formal notice to the board of CuMoCo, certain parties who have requisitioned a special meeting of shareholders of the Company that has been called for July 22, 2014 (the "Requisitioned Meeting") to, among other things, remove Mr. Hongxue Fu from the Board of Directors of the Company.

IEMR HK, the Company's largest shareholder is owned and controlled by Hongxue Fu, the Company's Chairman. In its action, IEMR HK has sought an order of the Court (a) to remove Mr. Dykes as a director of the Company; (b) to cancel or adjourn the Requisitioned Meeting; (c) for an accounting by Mr. Dykes of the expenditures made with the funds derived from the Asset Sale; and (d) for an audit of the financial statements of the Company. IEMR HK is seeking disgorgement of any profits wrongfully received by Dykes in connection with his role as a director of the Company as well as damages and special costs, and a declaration that the powers of Mr. Dykes as a director of the Company are being exercised in an oppressive manner against IEMR HK. The Company has not responded to the claim nor has it issued any press release in respect of the claim. Mr. Dykes initially refused to accept service of the notice of claim and IEMR HK was forced to obtain a court order permitting substitional service.

Contact Information

  • Hongxue Fu
    +86 1380 107 5088