Copper Fox Metals Inc. (TSXV:CUU) has closed a previously announced non-brokered private placement in Carmax Mining Corp. (TSXV:CXM) through a 100 percent owned subsidiary. Pursuant to the agreement, Copper Fox has indirectly acquired 20,000,000 units of Carmax for an aggregate subscription price of $1 million.
As quoted in the press release:
Prior to the completion of the Private Placement, Copper Fox and its subsidiaries held no common shares or other securities of Carmax. After giving effect to the acquisition of the Units, Copper Fox beneficially owns and controls 20,000,000 Shares of Carmax, representing approximately 42% of the issued and outstanding common shares of Carmax on an undiluted basis as at the date hereof (based on a total of 47,515,997 common shares of Carmax issued and outstanding with no effect being given to the Second Placement). Copper Fox also holds Warrants issued pursuant to the Private Placement which entitle Copper Fox to indirectly acquire an additional 20,000,000 common shares of Carmax, which together with the above noted Shares represent approximately 59% of the issued and outstanding common shares of Carmax, calculated on a partially-diluted basis assuming the exercise of all Warrants issued pursuant to the Private Placement held by Copper Fox, but with no effect being given to the Second Placement.
Copper Fox CEO, Elmer B. Stewart, said:
We are looking forward to working with Carmax to advance the exploration and develop the potential of the Eaglehead property. This investment provides Copper Fox significant exposure to a large, advanced copper-molybdenum-gold-silver property in northern British Columbia. This investment follows our strategy to locate, explore and add value through the exploration and development of large copper deposits located in North America.