Copper Fox Announces Closing of the Second Tranche of Its Non-Brokered Private Placement

Copper Fox Metals Inc. (TSXV:CUU) announced today that the Company has completed the second and final tranche of its previously announced non-brokered private placement raising gross proceeds in the second tranche of $999,999.84 in flow-through funds from the issuance and sale of 5,882,352 flow-through common shares at a price of $0.17 per flow-through share and $74,999.86 from the issuance and sale of 576,922 common shares at a price of $0.13 per common share.
As quoted in the press release:

Taken together with the first tranche of the Offering which closed on December 21, 2015, the Company raised aggregate gross proceeds in the Offering of $1,499,999.76 (the “Flow-Through Funds”) from the issuance and sale of 8,823,528 flow-through common shares at a price of $0.17 per flow-through share and $74,999.86 (the “Non-Flow-Through Funds”) from the issuance and sale of 576,922 common shares on a non-flow through basis at a price of $0.13 per common share. The flow-through common shares are 100% eligible for “Canadian exploration expenses” (CEE) as defined by the Income Tax Act (Canada).
The Company paid an aggregate finder’s fee of $78,749.98 for the Offering to Secutor Capital Management Corp., representing 5% of the gross proceeds raised in 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.

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