Copper Fox closes $2.99-million private placement

Executive Summary

• Copper Fox Metals Inc. closed a non‑brokered private placement of 4,615,384 shares at C$0.65 per share, generating gross proceeds of $2,999,999.60.
• Net proceeds will fund exploration and development on the company’s wholly‑owned Van Dyke, Eaglehead, Mineral Mountain and Sombrero Butte projects, as well as working capital and general corporate purposes.
• Insiders purchased 2,896,000 shares (including 2,769,231 by director Ernesto Echavarria), constituting a related‑party transaction that complied with TSX Venture Exchange policies without requiring a material change report.

Key Details

• Placement Size: 4,615,384 common shares.
• Price per Share: C$0.65.
• Gross Proceeds: $2,999,999.60 (approximately C$3 million).
• Finders’ Fees: None paid.
• Hold Period: Shares subject to a four‑month plus one day hold period from the closing date.
• Use of Proceeds:
• Continue exploration and development on Van Dyke, Eaglehead, Mineral Mountain, and Sombrero Butte projects (100% owned).
• Working capital.
• General corporate and administrative purposes.
• Insider Participation:
• Total insider subscriptions: 2,896,000 shares.
• Director Ernesto Echavarria purchased 2,769,231 shares.
• Related‑Party Transaction: Qualified as a related‑party transaction under TSX Venture Exchange Policy 5.9; exemption from valuation and minority approval requirements applied because insider participation did not exceed 25% of market capitalization.
• Regulatory Filing: No material change report filed prior to completion, as related‑party details were undetermined at that time; the company deemed the offering reasonable under the circumstances.

Notable Quotes

(No direct quotes provided in the release.)