Back in October, Copper Fox filed a "Notice of Intent to Quality Short Form Prospectus". This was the first indication that Copper Fox may be looking to do a large share offering. Since then, we have received 2 annual information forms as well as the annual financial statements. These are essential for a short form prospectus. If Copper Fox is still planning a large offering, I expect we will see a Short Form Base Shelf Prospectus very soon. The fact that we have not seen one yet is also quite telling.

For reference, here is the sequence Pretium used to raise 70M dollars:

- Notice of Intent to Qualify for Short Form Prospectus (March 3, 2011)

- Annual Financial Statements (March 6, 2012)

- Annual Information Form (March 12, 2012)

- Short Form Base Shelf Prospectus (March 19, 2012)

- Preliminary Prospectus Supplement (May 2, 2012)

- Raises $70M dollars (May 3, 2012)