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Copper Fox Metals Inc. (TSXV:CUU) has entered into a subscription agreement with Carmax Mining Corp. (TSXV:CMX) through its wholly owned subsidiary Desert Fox Copper Inc.
As quoted in the press release:
The aforementioned rights are, however, subject to Desert Fox, Copper Fox and their affiliates maintaining ownership of 20% of Carmax’s issued and outstanding common shares.
Each Warrant will be exercisable for a period of 24 months from the closing date of the applicable private placement and will entitle the holder, on exercise, to purchase one additional common share of Carmax at a price of $0.075 per share.
Copper Fox CEO, Elmer B. Stewart, said:
The investment in Carmax provides Desert Fox exposure to a large, advanced copper-molybdenum-gold-silver property in northern British Columbia. The number of zones of mineralization located to date along with the copper-gold-molybdenum-silver assemblage, host rock and alteration (including carbonate alteration) suggests many similarities to the Schaft Creek copper-gold-molybdenum-silver project also located in northern British Columbia. The objectives of the 2014 exploration program consisting of geophysical exploration and diamond drilling is to further define the extensions of the known mineralized zones and to assess the potential of the un-explored portions of the Eaglehead property. It is noteworthy that the characteristics of the mineralization located to date are interpreted to represent the upper portion of a porphyry system
Click here to read the Copper Fox Minerals Inc. (TSXV:CUU) press release