The insider financing that just closed consisted of 3.5 million units at a price of $1.15 each.
Each unit is made up of one common share of Copper Fox, and one share purchase warrant. Every warrant allows the holder to buy one common share of Copper Fox at a price of C$1.25 for one year.
The company said the new funds will be used to finance costs associated with completing the feasibility study at its Schaft Creek deposit in Canada, as well as for general operating expenses.
Meanwhile, the copper explorer also said Monday that it intends to complete a non-brokered private placement offering, to raise up to another C$4.0 million.
The offering is expected to consist of 3.48 million units at a price of $1.15 each. Director of Copper Fox, Ernesto Echavarria, has said he is committed to participate in 100 per cent of the private placement offering, the company said.
Proceeds from this financing will be used to fund costs of the recently purchased Van Dyke and Sombrero Butte copper projects in Arizona, as well as the Schaft Creek study and operating expenses.
Copper Fox is focused on completing a feasibility study on the Schaft Creek mineral deposit in British Columbia, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America.
The study is being led by Tetra Tech Wardrop on a minimum 120,000 tonne per day open pit mine and is expected to be completed within weeks.