Copper Fox Completes Flow-Through Investment in Carmax Mining Corp.

Copper Fox Metals Inc. (TSXV:CUU) announced that the Company has, through its wholly owned subsidiary Northern Fox Copper Inc., closed a previously announced non-brokered private placement in Carmax Mining Corp.
As quoted in the press release:

The flow-through proceeds raised in the Carmax Private Placement will be used by Carmax to fund its anticipated expenses to be incurred in its 2016 exploration program on its copper-gold molybdenum Eaglehead property located in the Dease Lake area of the Liard Mining Division of the Province of British Columbia.
Immediately prior to the completion of the Carmax Private Placement:

1. Copper Fox had beneficial ownership and control, through Northern Fox, of 36,566,528 common shares (the “Existing Shares“) of Carmax, or approximately 50.97% of Carmax’s then issued and outstanding common shares on an undiluted basis;

2. Copper Fox also had beneficial ownership and control, through Northern Fox, of 36,566,528 common share purchase warrants (the “Existing Warrants“) of Carmax; and

3. the Exiting Warrants together with the Existing Shares represented approximately 60.33% of the then issued and outstanding Shares of Carmax, calculated on a fully-diluted basis.

After the completion of the Carmax Private Placement, Copper Fox now beneficially owns and controls, through Northern Fox, 66,566,528 common shares of Carmax, representing approximately 65.4% of the issued and outstanding common shares of Carmax on an undiluted basis, or 68.2% on a fully diluted basis presuming the exercise of the Existing Warrants and all other outstanding warrants and options of Carmax.

Copper Fox Metals President, Elmer B. Stewart, stated:

The completion of this private placement yields a number of positive results for Copper Fox including; increasing its equity interest in Carmax, increases Copper Fox’s metal inventory of copper, gold and molybdenum and provides funding to continue exploration of this project. Copper Fox is very pleased with the technical advances made at Eaglehead since its initial investment and, along with Carmax, are looking forward to commencing the 2016 program which is expected to get underway in early June.

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