Copper Fox Announces $1.6M Non-Brokered Private Placement and Closing of the First Tranche of $500,000

Copper Fox Metals Inc. (TSXV:CUU) announces that it intends to complete a non-brokered private placement to raise up to $1,500,000 in flow-through funds and $150,000 from the sale of common shares on a non-flow-through basis.
As quoted in the press release:

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 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.
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.

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