Business
Carmax Mining Announces Impending Change of Name and Non-Brokered Private Placement of Non-Flow-Through Units and Flow-Through Shares
VANCOUVER, British Columbia, June 29, 2018 (GLOBE NEWSWIRE) -- Carmax Mining Corp. (“Carmax” or the “Company”) (TSX-Venture:CUX) is pleased to announce that, ef
About this update from District Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 29, 2018 (GLOBE NEWSWIRE) -- Carmax Mining Corp. (“Carmax” or the “Company”) (TSX-Venture:CUX) is pleased to announce that, effective July 3, 2018, the Company’s name will be changed to “District Copper Corp.” and the Company will commence trading on the TSX Venture Exchange under the symbol “DCOP”. The Company is further pleased to announce that it has agreed to make a non-brokered private placement of both non-flow-through units and flow-through shares. In the non-flow through portion of the placement, the Company is offering up to 5,000,000 units of Carmax at a price of $0.08 per unit for a total of $400,000.00. Each unit consists of one share and one share purchase warrant which allows the holder to purchase one additional share of the Company’s capital stock at a price of $0.12 per share for each warrant held with the warrants expiring eighteen (18) months from the date of the closing of the private placement. The warrants will have an early acceleration provision wherein the warrants will become callable on 21 days’ notice in the event the Company’s shares trade at a price of $0.25 per share or greater for a 20-day trading period after the four month hold period expires on the securities sold pursuant to the placement. The non-flow-through portion of the placement will close in more than one tranche. In that regard the Company has received a tentative commitment from an Insider for the purchase of $200,000 of the units being offered. In the flow-through portion of the placement, the Company is offering up to 9,000,000 flow-through shares of Carmax at a price of $0.085 per flow-through share. The flow-through portion of the placement will close in more than one tranche. In that regard the Company has received a flow-through subscription from an institutional investor in the amount of $500,000. Subject to the Exchange’s approval, finder’s fees may be paid to eligible parties of (i) a cash fee equal to 6% of the gross proceeds raised under the offering; and (ii) brokers’ or finders’ warrants in an amount equal to 6% of the number of Securities sold under the Offering. The non-flow-through proceeds will be used by the Company for general working capital including payment of wages with the remaining non-flow-through proceeds will be used to explore and maintain its mining pro...