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Copper Fox Announces Agreement to Purchase Eaglehead Copper Property
Calgary, Alberta--(Newsfile Corp. - February 10, 2020) - Copper Fox Metals Inc.  (TSXV...
About this update from Copper Fox Metals Inc.
[{"type":"text","content":"Copper Fox Announces Agreement to Purchase Eaglehead Copper PropertyCalgary, Alberta--(Newsfile Corp. - February 10, 2020) - Copper Fox Metals Inc. (TSXV: CUU) (OTC PINK: CPFXF) (\"Copper Fox\" or the \"Company\") is pleased to announce that it, through its wholly owned subsidiary, Northern Fox Copper Inc. (\"Northern Fox\"), has entered into a property acquisition agreement dated February 9, 2020 (the \"Agreement\") to purchase the 6 contiguous mineral claims totaling approximately 15,956 hectares located in the Liard Mining Division of northern British Columbia that comprise the Eaglehead Property (the \"Eaglehead Property\") from District Copper Corp. (\"District Copper\") (TSXV: DCOP) (OTC PINK: CAXPF).The aggregate consideration to be paid by Northern Fox for the Eaglehead Property is CAD$1.412 million, which will consist of CAD$1.2 million cash payable to District Copper in installments over a three year period, and the assumption by Northern Fox of the reclamation bond for the Eaglehead Property in the amount of CAD$212,000. Under the terms of the agreement, Northern Fox has paid a non-refundable deposit of $50,000 on signing. An additional $150,000 will be paid at Closing and the balance of the purchase price in the amount of $1,000,000 will be payable in three annual installments of $340,000, $330,000 and $330,000 respectively on each anniversary following Closing.At Closing, District Copper will have received cash payment of $200,000 from Northern Fox and the refund of the CAD$212,000 reclamation bond that District Copper currently has on deposit with the British Columbia Ministry of Energy, Mines and Petroleum Resources.The Agreement also grants District Copper a 0.5% net smelter return royalty over the Eaglehead Property, half of which can be purchased by Northern Fox for $1,000,000 at any time up until the second anniversary of commercial production on the Eaglehead Property. Northern Fox has retained the right to accelerate the installment payments to District Copper in its sole discretion.The closing of the transaction contemplated by the Agreement remains subject to the approval of the TSX Venture Exchange. The transaction is a Non-Arm's Length transaction pursuant to TSX Venture Exchange policies and a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Hold...