Copper Fox Announces the Closing of Private Placement
Copper Fox Announces the Closing of Private Placement
CALGARY, Alberta, June 18, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. ( “Copper Fox” or the “Company”) ( TSX-V:CUU)
(OTC:CPFXF) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”), raising
aggregate gross proceeds of $1,200,000 through the sale of 12,000,000 units (each a “Unit”) at a price of $0.10 per Unit. Each Unit
consisted of one common share in the capital of the Company (a “Common Share”) and one-half common share purchase warrant (a
“Warrant”). Each Warrant entitles the holder to purchase one Common Share for an exercise price of $0.12 during the first 12 month
period after the closing of the Offering, and $0.15 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.
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.
Finders’ fees on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the Offering shall include
cash of $12,500.
The Offering included subscriptions by four insiders of the Company. Mr. Ernesto Echavarria, a director, insider and a control person of the
Company (as defined by the policies of the TSX Venture Exchange) purchased 7,200,000 Units.
Subscriptions completed by insiders in the Offering, including the subscription by Mr. Echavarria, constituted 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 relied 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 did not exceed 25% of the Company’s market capitalization.
The closing of the Offering remains subject to the final approval of the TSX Venture Exchange.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX-V:CUU) focused on copper exploration and
development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States
subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck
Resources Limited on the Schaft Creek copper -gold-molybdenum-silver project located in northwestern British Columbia and a 100%
ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties
and investments visit the Company’s website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in
the United States. The securities described in this news release have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
This news release is not for distribution in the United States or over United States newswires.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Forward-looking information
is generally identifiable by use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “budgets”, “could”, “estimates”,
For additional information contact:
Copper Fox Metals Inc. Renmark Financial Communications Inc.
Lynn Ball: [email protected] Robert Thaemlitz: [email protected]
(844) 484-2820 or (403) 264-2820 Tel: (416) 644-2020 or (514) 939-3989
www.copperfoxmetals.com www.renmarkfinancial.com
“expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news
release includes, without limitation, statements about: the expected use of the proceeds from the Offering; and the Offering being subject to
the final approval of the TSX Venture Exchange.
In connection with the forward -looking information contained in this news release, Copper Fox has made numerous assumptions.
Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained
herein.
Known risk factors include the possibility that: final approval for the Offering will not be obtained from the TSX Venture Exchange and the net
proceeds of the Offering will not be used for the purposes currently contemplated.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings
with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this
cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward -looking information or to publicly
announce the result of any revisions to any of the forward -looking information contained herein to reflect future results, events or
developments, except as required by law.