CALGARY, Alberta, May 31, 2017 (GLOBE NEWSWIRE) -- Further to a press release dated April 19, 2017, Copper Fox Metals Inc. (“Copper Fox” or the ”Company”) (TSX-V:CUU) (OTC:CPFXF) is continuing its plans to complete, subject to the approval of the TSX Venture Exchange, a non-brokered private placement to raise up to $750,000 in gross proceeds (the “Offering”). The Offering will consist of up to 6,250,000 units (each a “Unit”) at a price of $0.12 per Unit. Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one whole common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share for an exercise price of $0.15 during the first 12 month period after the closing of the Offering and $0.17 during the second 12 month period after the closing of the Offering. In the event that the 20-day volume weighted average price of the common shares listed on the TSX Venture Exchange is above $0.20, the expiry date of the Warrants will be accelerated to a date that is 30 days after the first date such threshold is met.
The Offering is expected to close by the end of June, 2017. In accordance with applicable securities legislation, securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of the completion of the Offering.
The net proceeds raised from the Offering will be used for ongoing activities and general corporate purposes of the Company.
The Offering may include one or more subscriptions by insiders of the Company, which will include a subscription by Mr. Ernesto Echavarria, a director, insider and a control person of the Company (as defined by the policies of the TSX Venture Exchange) of a minimum of 3,750,000 Units.
Subscriptions completed by insiders in the Offering, including the subscription by Mr. Echavarria, may constitute a “Related Party Transaction” under Policy 5.9 of the TSX Venture Exchange which adopts Multilateral Instrument 61-101 (“MI 61-101”) as a policy of the TSX Venture Exchange. In completing such transactions, Copper Fox intends to rely on the applicable exemptions from the valuation requirement and minority security holder approval requirements available under Sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that the participation in the private placement by insiders will not exceed 25% of the Company’s market capitalization.
Elmer B. Stewart
President and Chief Executive Officer
Looks like they are not counting on Teck for payment in the near term. If the NDP & Greens become the BC Government. I wonder how it will affect the resource sector ? Uncertainty in the short term for sure. New Democrats have never supported the mining industry. Dave Barret killed it when he was elected. They supported the tree huggers They have already spoke out against the Kinder Morgan oil line, Site C dam, LNG, and the Bridge to replace of the Massey Tunnel.
I do agree there is no need to build another ugly toll Bridge to clutter the skyline.
I wonder where the money is supposed to be generated from to pay provincial bills ? More debt ? That only means higher taxes on the workforce in the future.