Insider commits $2.5m to Copper Fox private placement
TORONTO (miningweekly.com) – British Columbia-focused junior mining explorer Copper Fox Metals on Friday said it intends to complete a nonbrokered private placement to raise C$2.5-million, in which an insider has participated fully.
The offering would consist of 3.16-million units at a 79 Canadian cents apiece.
Each unit consists of one common share and one common share purchase warrant of Copper Fox. Each warrant would entitle the holder to acquire one common share of Copper Fox at an exercise price of C$1 for one year from closing of the offering.
Copper Fox director, insider and control person Ernesto Echavarria had committed to 100% participation of this offering.
Monies raised from the offering would be used to fund costs associated with the environmental-assessment application, development expenses of the company’s Schaft Creek and Arizona projects, and general operating expenses.
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