Copper Fox Metals has closed USD 4.0 million financing and plans on launching USD 4.0 million private placement offering. The insider financing that just closed consisted of 3.5 million units at a price of USD 1.15 each.

Each unit is made up of one common share of Copper Fox and one share purchase warrant. Every warrant allows the holder to buy one common share of Copper Fox at a price of CAD 1.25 for 1 year.

The company said that the new funds will be used to finance costs associated with completing the feasibility study at its Schaft Creek deposit in Canada as well as for general operating expenses.

Meanwhile, the copper explorer said that it intends to complete a non brokered private placement offering to raise up to another CAD 4.0 million. The offering is expected to consist of 3.48 million units at a price of USD 1.15 each.

Mr Ernesto Echavarria director of Copper Fox said that he is committed to participate in 100% of the private placement offering. Proceeds from this financing will be used to fund costs of the recently purchased Van Dyke and Sombrero Butte copper projects in Arizona as well as the Schaft Creek study and operating expenses.”

Source - Proactive Investors

(www.steelguru.com)