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Gold/Mining/Energy : Copper Fox
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To: Metacomet who wrote (8811)12/20/2014 6:52:27 PM
From: louel2 Recommendations

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CanadaGrant
Theotokos

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I would offer that Salazar took it to the verge of Bankruptcy. 2008 It was doubt full the company would survive.

With Salazar as CEO the company in such trouble that there was a merger being negotiated with Lions Gate
.
"The LOI contemplates that each Copper Fox shareholder will receive 0.094 common shares of Lions Gate for every one common share of Copper Fox. For every one common share issued by Lions Gate to Copper Fox shareholders, they will also receive 0.5 warrants of Lions Gate. Each full warrant and payment of $2.00 will entitle the holder to purchase an additional share of Lions Gate for a period of five years."

I was going to provide a link to the post I made at that time containing the above but it doesn't work.

About April 23, 2009 the deal collapsed.
Searching desperately for funding Ernesto came on the scene. Salazar stepped down. Elmer who was Chairman of Copper Fox assumed the position as CEO. Ernesto took control of 55% of the Company with an initial investment of $5M. Share price was 8 cents at the time and received full warrants, and committed to funding to a BFS. I think Salazar remained as a director for a short period before leaving all together.

So my suggestion is Ernesto was very influential in Elmer's move to replace Salazar.
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