From yesterday:
2015-12-09 18:15 ET - News Release
Mr. Jevin Werbes reports
CARMAX ANNOUNCES RELATED PARTY LOAN
Carmax Mining Corp. has arranged a credit facility with Copperfox Metals Inc., pursuant to which Carmax may receive up to $400,000 if, as and when required for continuing exploration expenses and administrative costs during the ensuing year. The loan advances bear interest at the rate of 1 per cent per annum, and the advances are convertible into shares of Carmax at a price equal to the greater of five cents or the 10-day TSX Venture Exchange average stock price, calculated over the period after notice is given, subject to the prior approval of the TSX Venture Exchange. The loan matures on Nov. 30, 2016.
To date $100,000 has been advanced under the credit facility to pay for drilling and geological expenses associated with Carmax's 2015 exploration program.
The credit facility is an arrangement between non-arm's-length parties, as a result of which the agreement is subject to prior exchange approval.
Copperfox Metals shares two common directors with Carmax, and owns and controls 50.97 per cent of the issued and outstanding shares of Carmax.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:CXM-2333382&symbol=CXM®ion=C
