Copper Fox closes $4 mln private placement financing

Copper Fox Metals (CVE:CUU) said Wednesday it closed its previously announced $4 million private placement financing, proceeds from which it plans to use to finish a feasibility study at Schaft Creek, in British Columbia.
The company sold 3.27 million units for $1.22 each. Each unit consisted of one common share and one common share purchase warrant of Copper Fox, with each warrant giving the holder the right to buy one extra share at an exercise price of $1.35 each.
No fees or commissions were paid, Copper Fox added.
The securities issued are subject to a hold period of four months plus one day from the closing date of the financing.
Profits raised from the financing will go toward costs linked to completing a feasibility study, and 2011 exploration costs at Schaft Creek.
The Schaft Creek project rests 45 kilometres west of the Stewart-Cassiar Highway and approximately 80 kilometres south of Telegraph Creek in northwestern British Columbia.
The company is currently working on completing a feasibility study on the deposit, one of the largest undeveloped copper, gold, silver and molybdenum deposits in North America.
The feasibility study is being led by Tetra Tech (NASDAQ:TTEK) on a minimum 120,000 tonnes per day open pit mine and is slated for completion in the first quarter of 2012.
Copper Fox holds a 100 percent working interest in a 21,024-hectare property which includes the Schaft Creek deposit, and is subject to a 3.5 percent net profits interest held by Royal Gold, a 30 percent carried interest held by Liard Copper and an earn back option held by Teck Resources (TSE:TCK.B).