Copper Fox to raise $2 million in private financing

Junior miner Copper Fox Metals (CVE:CUU) Tuesday said that it plans to complete a non-brokered private placement to raise $2 million.

The offer consists of 1.4 million shares to be sold for $1.35, the company said.

Each unit consists of one common share and one purchase warrant of Copper Fox, with each warrant giving the holder a right to buy one extra share for an exercise price of $1.50 on the first anniversary of the offerings closing date.  

Director, Ernesto Echavarria, an insider and control person, has committed to participate 100 percent in the offering.  

In a statement, Copper Fox’s chief executive, Elmer Stewart, said: "This financing commitment combined with previous financial support provided to the company by Echavarria demonstrates his strong commitment to the Schaft Creek project."

Copper Fox, headquartered in Calgary, is working on finishing its feasibility study on the Schaft Creek deposit, one of the world’s largest undeveloped copper, gold 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 should be done by fourth quarter this year.