Business
Carmax Announces Closing of Its $1,500,000 Flow-Through Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2016) - Carmax Mining Corp. (TSX VENTURE:CXM) ("Carmax" or the "Company") is pleased to announce that it ha
About this update from District Copper Corp.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2016) - Carmax Mining Corp. (TSX VENTURE:CXM) (\"Carmax\" or the \"Company\") is pleased to announce that it has closed the non-brokered private placement previously announced in its news release of December 21, 2015 (the \"Offering\") raising gross proceeds of $1,500,000 in flow-through funds from the issuance and sale of 30,000,000 flow-through shares at a price of $0.05 per share. The placement was made in its entirety to Northern Fox Copper Inc. (\"Northern Fox\"), a wholly owned subsidiary of Copper Fox Metals Inc., (\"Copper Fox\"). Copper Fox is a reporting issuer having its shares posted and called for trading on the TSX Venture Exchange under the trading symbol (CUU). At the closing of the Offering, Northern Fox's equity interest in and to Carmax's capital stock increased to 65.4% of the outstanding shares of Carmax, or 68.2% on a fully diluted basis. The shares issued to Northern Fox under the Offering are subject to a hold period expiring May 13, 2016. The flow-through proceeds raised in the Offering will be used by the Company to fund its anticipated expenses to be incurred in its 2016 exploration program on the Company's Eaglehead Property located in the Dease Lake area of the Liard Mining Division of the Province of British Columbia. The Offering constitutes a \"Related Party Transaction\" under Policy 5.9 of the TSX Venture Exchange which adopts Multilateral Instrument 61-101 (\"MI 61-101\") as a policy of the TSX Venture Exchange. Copper Fox relied on the exemption from the application of MI 61-101 provided for in Section 5.1(g) of the instrument (downstream transactions). In addition, Carmax relied on the exemptions from the valuation requirement and minority security holder approval requirement in Sections 5.5(c) (distribution of securities for cash) and 5.7(b) (fair market value not more than $2,500,000) of MI 61-101, respectively. The Offering remains subject to the final approval of the TSX Venture Exchange. About Carmax Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia. Prior to the Offering, Northern Fox held 50.97% of the issued and outstanding shares of Carmax on an undiluted basis. For further information, please visit the website at www.carmaxmining.com to view the Compa...