ANCOUVER, Jan. 23, 2012 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or "the Company") (TSX-V: CUU.V - News) is pleased to announce the issuance of shares in order to extinguish outstanding debt owed to an Insider.
The Company received approval from the TSX Venture Exchange to issue shares for debt with Mr. Ernesto Echavarria to settle $1,400,000 of debt by way of issuance of 1,272,727 common shares of Copper Fox to Mr. Echavarria at an issue price of $1.10. No warrants were issued in respect of the shares for debt transaction. Mr. Echavarria is a director, an insider, and a control person of Copper Fox, as defined by the regulations of the TSX Venture Exchange, and has from time to time made advances to Copper Fox, as required, interest free and with no set terms of repayment.
In accordance with applicable securities legislation, the securities issued pursuant to the debt settlement are subject to a hold period of four months plus one day from the date of completion of the debt settlement.
Re: Spoke to Elmer
Another thing I confirmed is that CUU has paid all their debt to Ernesto. No more debt.
They felt it was time..need I say more.
I Do not get it. Hummmmm
