Copper Fox Closes Private Placement in Carmax Mining

Copper Fox Metals (TSXV:CUU) reported that its subsidiary Northern Fox Copper has closed a previously announced “Top-up investment” private placement in Carmax Mining (TSXV:CXM). The shares acquired by Copper Fox as part of the investment represent roughly 6.09 percent of issued and outstanding shares of Carmax, with Copper Fox now owning 42.09 percent of Carmax shares in total.

As quoted in the press release:

After the completion of the Top-up Investment, Copper Fox beneficially owns and controls 23,386,078 Shares of Carmax, representing approximately 42.09% of the issued and outstanding common shares of Carmax on an undiluted basis as at the date hereof (based on a total of 55,562,075 common shares of Carmax issued and outstanding). Copper Fox also holds the Existing Warrants and the Warrants issued as part of the Top-up Subscription which, collectively, entitle Copper Fox to indirectly acquire an additional 23,386,078 common shares of Carmax, which together with the above noted Shares represent approximately 59.24% of the issued and outstanding common shares of Carmax, calculated on a partially-diluted basis assuming the exercise of all of the Existing Warrants and the Warrants issued to Copper Fox as part of the Top-up Investment, but with no effect being given to any other outstanding warrants or options of Carmax.

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