Copper Fox Metals closes $5.0 million financing

Copper Fox Metals (CVE:CUU) announced Monday that it has closed a $5.0 million financing.
The financing by an "insider" replaced the offering announced in early September, the company said, and consisted firstly of 1.85 million units at a price of C$1.35 each, for proceeds of $2.5 million. Each unit consists of one common share of Copper Fox, and one purchase warrant, with each warrant entitling the holder to acquire one additional share of the company at a price of C$1.50 before September 30, 2012.
The second component of the offering consisted of $2.5 million previously advanced to the company by a director of Copper Fox, Mr. Echavarria. The amount was settled by a shares-for-debt transaction, through the issuance of 1.85 million common shares at a price of $1.35 each. No warrants were issued in respect of this transaction, Copper Fox said.
Mr. Echavarria has from time to time made advances to the company, as required, interest free and with no set terms of repayment, Copper said in a statement.
Monies raised from the financing have been used to fund costs associated with completing the Feasibility Study at its Schaft Creek copper-gold-molybdenum-silver project in northwestern British Columbia, which includes environmental studies, metallurgical testing, engineering studies, and exploration expenses.