The extension of warrants is a fairly common practice among TSX Venture listed companies. However, it still pains me to see Copper Fox pull this move. Clearly they feel they must do something to keep Ernesto happy.

1. Technically, I don't even think they should be allowed to extend the December warrants.

Policy 4.1 - An Issuer can apply to the Exchange to amend the terms of a Warrant issued pursuant to a Private Placement if it meets the following conditions:

(e) at least two weeks remain before the expiry date of the Warrants

2. The next release was supposed to be the BFS. I know this was verbally stated so we can't put a lot of weight on it, but it's still frustrating to be misled.

3. A 1 year extension is a fairly standard extension. The fact that they extended both the December and the January warrants bothers me. If we've got great news around the corner, we shouldn't have to wait until January 30 before those warrants are in the money. The fact that we extended the December 13 warrants means it's likely we won't be moving up before then either.

4. 5.3M warrants is minimal dilution, but it's not insignifcant. It would have been nice to see these expire to reduce our share count.

The only good news I can see is that at least the exercise price was unchanged and these warrants can be used to provide us with some cash flow in the future.