found another tidbit from digging deeper into the amended filing. 

This number seemed familiar to me. It is also half of the new revised amount being reported now.  1,851,852 was the number of shares that Ernesto subcribed to at $1.35 with the equivalent number of warrants  as per this news release.

Vancouver, British Columbia – October 3, 2011 – Mr. Elmer Stewart, President and CEO of 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 net proceeds of $5,000,000 (“Financing”). The Financing replaced the offering announced on September 7th and September 12th, 2011 and consisted firstly of the issuance of 1,851,852 units at a purchase price of $1.35 per unit, for aggregate net proceeds of $2,500,000. 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 $1.50 prior to 5.00 PM September 30, 2012. The second component of the Financing is for the amount of $2,500,000 previously advanced to the Company by Mr. Echavarria, which amount was settled by a shares for debt transaction through the issuance of 1,851,852 common shares of Copper Fox at an issue price of $1.35. 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 the Company, as required, interest free and with no set terms of repayment. Monies raised from the Financing have been used to fund costs associated with completing the Feasibility Study which include environmental studies, metallurgical testing, engineering studies, and exploration expenses at Schaft Creek and pay down advances. 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 completion of the Financing. The TSX Venture Exchange has confirmed its final acceptance in respect of the offering and the shares for debt transaction in its bulletin to be dated October 3, 2011. No fees or commissions were paid as part of these transactions. About Copper Fox Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (CUUTSX-V). Copper Fox was recently recognized by TSX Venture Exchange Inc. as a member of the distinguished TSX Venture 50® group where it had the distinction of being ranked first overall for 2010

Therefore my previous assumption was probably correct.  He filed for the initial subscription of 1,851,812 shares at $1.35 for $2.5M cash, but forgot to file for the extra 1,851,812 shares he received for the clearing of the $2.5M loan at the same price per share conversion price.  The transaction amendment mystery is solved.

However, why they would now be combing through decade's old transactions?   Still very curious....