Business
COPPER FOX ANNOUNCES the Closing of a $1,500,000 Financing by an Insider
VANCOUVER, Jan. 22, 2013 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the "Company") ...
About this update from Copper Fox Metals Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Jan. 22, 2013 /CNW/ - Copper Fox Metals Inc. (\"Copper Fox\" or the \"Company\") (TSXV: CUU) is pleased to announce the closing of a financing by an insider for\n proceeds of $1,500,000 (the \"Financing\").\n\n\nThe Financing consisted of the issuance of 1,764,706 units at a purchase\n price of $0.85 per unit, for aggregate net proceeds of $1,500,000. Each\n unit consists of one common share of Copper Fox and one common share\n purchase warrant of Copper Fox. Each warrant entitles the holder\n thereof to acquire one common share of Copper Fox at an exercise price\n of CDN $1.00 prior to 5:00 PM January 22, 2014.\n\n\nMonies raised from the Offering will be used to fund costs associated\n with the Environmental Assessment Application and general operating\n expenses.\n\n\nIn accordance with applicable securities legislation, securities issued\n pursuant to the Financing are subject to a hold period of four months\n plus one day from the date of completing the Financing.\n\n\nNo fees or commissions were paid as part of this transaction.\n\n\nAbout Copper Fox\n\n\nCopper Fox is a Canadian-based resource development company listed on\n the TSX Venture Exchange (TSXV: CUU) with a corporate office in\n Calgary, AB and an operations office in Vancouver, BC.  Its major asset\n is the Schaft Creek copper, gold, molybdenum and silver deposit located\n in northwestern British Columbia, Canada for which a positive\n Feasibility Study was recently completed.\n\n\nCopper Fox holds title and a 100% working interest in the Schaft Creek\n project consisting of 55,779.56 hectares (137,834 acres). Included in\n this total are the \"Schedule A\" mineral tenures originally conveyed to\n Copper Fox pursuant to the Teck Option Agreement, which consist of\n 8,334.34 hectares (20,594 acres). The \"Schedule A\" mineral tenures are\n subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a 30%\n carried Net Proceeds Interest held by Liard and, together with the\n additional mineral tenures  obtained by Copper Fox  within the \"Area of\n Interest\" provided for in the Teck Option Agreement, an earn back\n option held by Teck. On completion of the Feasibility Study, Copper Fox\n earns Teck's 78% interest in Liard. Teck's earn back option to acquire\n either, 20%, 40% or 75%, of Copper Fox's interest in the Sch...