1. Copper Fox Announces the Closing of a $4,025,000 Financing by an Insider and a $4,000,000 Private Placement Unit Offering, Insider Commits to 100% Participation. VANCOUVER, Sept. 10, 2012 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce the closing of a financing by an insider for proceeds of $4,025,000 (the "Financing"). The Financing consisted of the issuance of 3,500,000 units at a purchase price of $1.15 per unit, for aggregate net proceeds of $4,025,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN $1.25 prior to 5:00 PM September 10, 2013. Monies raised from the Financing will be used to fund costs associated with completing the feasibility study on the Schaft Creek deposit and general operating expenses. In accordance with applicable securities legislation, securities issued pursuant to the Financing are subject to a hold period of four months plus one day from the date of completing the Financing. No fees or commissions were paid as part of this transaction.
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2. Copper Fox is also pleased to announce that subject to the approval of the TSX-Venture Exchange, the Company intends to complete a non-brokered private placement to raise up to CDN $4,000,000 (the "Offering". The Offering is expected to consist of 3,478,261 units at a purchase price of $1.15 per unit, for aggregate gross proceeds of $4,000,000. Each unit consists of one common share and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN$1.25 prior to 5:00 pm on the one year anniversary of the closing date of the Offering. Mr. Ernesto Echavarria, a Director, insider and control person of Copper Fox as defined by the regulators of the TSX-Venture Exchange, has committed to participating in 100% of the Offering. Monies raised from the Offering will be used to fund costs associated with the recently announced purchase of the Van Dyke and Sombrero Butte Copper projects in Arizona, the Schaft Creek Feasibility Study and general operating expenses.
