Non-brokered offering consists of units with shares, one-year warrants
By Angela McDaniels
Tacoma, Wash., March 8 - Copper Fox Metals Inc. said it increased the expected size of its non-brokered private placement of units to C$3 million from C$2.5 million. Plans for the placement were announced on Feb. 22.
The company will sell 3,797,468 units - increased from 3,164,557 units - of one common share and one warrant at C$0.79 per unit, according to a company news release.
Each one-year warrant will be exercisable at C$1.00, a 26.58% premium to the Feb. 21 closing share price of C$0.79.
Director Ernesto Echavarria will purchase C$2.5 million of the units.
Proceeds will be used for costs associated with the Environmental Assessment Application, development expenses of the Schaft Creek and Arizona projects and general operating expenses.
Copper Fox is a copper resource company based in Vancouver, B.C.
| Issuer: | Copper Fox Metals Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$3 million
|
| Units: | 3,797,468
|
| Price: | C$0.79
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Investor: | Ernesto Echavarria for C$2.5 million
|
| Pricing date: | Feb. 22
|
| Upsized: | March 8
|
| Stock symbol: | TSX Venture: CUU
|
| Stock price: | C$0.79 at close Feb. 21
|
| Market capitalization: | C$314.14 million
|
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