The Grinch strikes again.....just when you thought the depths of deception and lies had been reached, another dagger is shoved through the hearts of retail investors. What happened to the 3-4 years worth of cash in hand? what happened to the no more dilution? where's Ernesto? why are they diluting to finance CarMax when we don't have any money of our own? So many questions and so many bold faced lies.
Brutal......
Copper Fox Announces $1,650,000 Non-Brokered Private Placement and Closing of the First Tranche of $500,000
1 hour ago - ACQUIREMEDIA
CALGARY, ALBERTA--(Marketwired - Dec. 21, 2015) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) is pleased to announce that it intends to complete a non-brokered private placement (the "Offering") to raise up to $1,500,000 in flow-through funds (the "Flow-Through Funds") and $150,000 from the sale of common shares on a non-flow-through basis (the "Non-Flow-Through Funds"). The Offering will consist of 8,823,529 flow-through common shares sold at a price of $0.17 per flow-through common share and 1,153,846 common shares sold at a price of $0.13 per common share. The flow-through common shares will be 100% eligible for "Canadian exploration expenses" (CEE) as defined by the Income Tax Act (Canada).
The Company has agreed to pay a finder's fee payable in cash to Secutor Capital Management Corporation at closing equal to 5% of the gross proceeds raised in the Offering.
The first tranche of the Offering closed today raising gross proceeds of approximately $500,000 from the issuance and sale of 2,941,176 flow-through common shares at a price of $0.17 per flow-through common share.
The second and final tranche of the Offering is expected to close no later than December 31, 2015.
In accordance with applicable securities legislation, securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of the completion of each respective tranche of the Offering.
The Flow-Through Funds generated from the Offering will be used by Copper Fox to subscribe for flow-through common shares in its wholly-owned, direct subsidiary Northern Fox Copper Inc. ("Northern Fox"), which will in turn use the Flow-Through Funds to subscribe for flow-through common shares in its partially-owned, direct subsidiary Carmax Mining Corp. ("Carmax")(TSX-Venture: CXM) through a subsequent private placement in Carmax (the "Carmax Private Placement"). Carmax will use the Flow-Through Funds to incur Canadian exploration expenses on its Eaglehead Project located in northwestern British Columbia during the 2016 calendar year.
The Carmax Private Placement 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 intends to rely 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 intends to rely on the exemptions from the valuation requirement and minority security holder approval requirements 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 Non-Flow-Through Funds will be used by Copper Fox to fund working capital and for general corporate purposes.
The Offering remains subject to the final approval of the TSX Venture Exchange. |
