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Copper Fox Metals Inc. (TSXV:CUU) subsidiary Northern Fox Copper Inc. reported the closing of a previously announced non-brokered private placement in Carmax Mining Corp. (TSXV:CXM) for the acquisition of an additional 2,180,450 units of Carmax for an aggregate subscription price of $109,022.50.
Units (each a “Unit”) were subscribed for at a price of $0.05 per Unit and consisted of one previously unissued common share (“Share”) and one common share purchase warrant (“Warrant”) of Carmax. Each Warrant is exercisable for a period of 24 months from the closing date of the Top-up Investment and entitles the holder, on exercise, to purchase one additional common share of Carmax at a price of $0.10 per share. If the common shares of Carmax trade at a price of greater than $0.15 per share over a 30 day trading period, then the Warrants are subject to mandatory exercise immediately.
The Top-up Investment was made pursuant to the pre-emptive and top-up rights granted to Northern Fox under the terms of the private placement announced on April 10, 2014.
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