Copper Fox Metals (CVE:CUU), a Canadian-based resource company, reported on Wednesday that it plans to complete a non-brokered private placement to raise $3 million.
As at 2.34pm, shares were down 2.41% at $1.62.
Copper Fox expects to sell 2 million units for a cost of $1.50 per share. Each unit comprises of one common share and one-half common share purchase warrant of Copper Fox Metals. Each whole warrant gives the holder the right to buy one common share for $1.75 prior to 5:00 p.m. after the first year of the closing date of the offering.
Ernesto Echavarria, director and a control person of Copper Fox has committed to participating 100% in the offering, the company said.
Copper Fox’s Chief Executive Elmer Stewart said: "This financing commitment combined with direct advances already provided to the company by Echavarria demonstrates his strong commitment to the Schaft Creek project."
Copper Fox is working on completing a feasibility study on the Schaft Creek deposit, one of the largest undeveloped copper, gold and molybdenum deposits in North America.
Copper Fox is engaged in the exploration and development of a giant porphyry copper-molybdenum gold-silver mineral deposit that lies on the Schaft Creek in northwest British Columbia. The company holds mineral claims totalling 3,947 hectares in the Liard mining district of B.C.