Posted On: 01/15/2015 10:04:38 AM
Post# of 89342
$CXM.V News Release
Closes Second and Final Tranche of Private Placement
Northern Fox Maintains 42.09% Equity Interest
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2015) - Carmax Mining Corp. (TSX VENTURE:CXM) ("Carmax" or the "Company"
is pleased to announce that it has closed the second and last tranche of the non-brokered private placement announced in its news release of December 22, 2014.
The closing of the last tranche resulted in the issuance of an additional 2,180,450 units to Northern Fox Copper Inc., a subsidiary of Copper Fox Metals Inc., ("Northern Fox" arising from Northern Fox's exercise of anti-dilution and top-up rights which allowed Northern Fox to maintain a 42.09% equity interest in and to Carmax's capital stock.
The flow-through rights offered by Carmax in the placement were waived by Northern Fox in this second portion of the placement.
Each unit issued to Northern Fox consists of one share and one non flow-through share purchase warrant which allows the holder to purchase one additional share of the Company's capital stock at a price of $0.10 per share for each warrant held. The warrants expire two years from the date of the closing and are subject to an early acceleration provision which provides that the warrants must be exercised on 21 day's notice in the event the Company's shares trade at a price of $0.15 per share or greater for a 30 day trading period after the four month hold period expires on the securities sold.
The securities issued to Northern Fox in the second tranche are subject to a hold period expiring May 15, 2015.
All units placed in both the first and second tranche were placed at a price of $0.05 per unit giving rise to the Company raising gross proceeds of $259,022.50.
The flow-through portion of the proceeds raised in the closing of the first tranche being $150,000 will be used by the Company to fund the continued development of the Company's Eaglehead property located in the Liard Mining Division of the Province of British Columbia.
About Carmax
Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia.
For further information, please visit the website at carmaxmining.com to view the Company's profile.
Closes Second and Final Tranche of Private Placement
Northern Fox Maintains 42.09% Equity Interest
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2015) - Carmax Mining Corp. (TSX VENTURE:CXM) ("Carmax" or the "Company"
is pleased to announce that it has closed the second and last tranche of the non-brokered private placement announced in its news release of December 22, 2014. The closing of the last tranche resulted in the issuance of an additional 2,180,450 units to Northern Fox Copper Inc., a subsidiary of Copper Fox Metals Inc., ("Northern Fox"
arising from Northern Fox's exercise of anti-dilution and top-up rights which allowed Northern Fox to maintain a 42.09% equity interest in and to Carmax's capital stock. The flow-through rights offered by Carmax in the placement were waived by Northern Fox in this second portion of the placement.
Each unit issued to Northern Fox consists of one share and one non flow-through share purchase warrant which allows the holder to purchase one additional share of the Company's capital stock at a price of $0.10 per share for each warrant held. The warrants expire two years from the date of the closing and are subject to an early acceleration provision which provides that the warrants must be exercised on 21 day's notice in the event the Company's shares trade at a price of $0.15 per share or greater for a 30 day trading period after the four month hold period expires on the securities sold.
The securities issued to Northern Fox in the second tranche are subject to a hold period expiring May 15, 2015.
All units placed in both the first and second tranche were placed at a price of $0.05 per unit giving rise to the Company raising gross proceeds of $259,022.50.
The flow-through portion of the proceeds raised in the closing of the first tranche being $150,000 will be used by the Company to fund the continued development of the Company's Eaglehead property located in the Liard Mining Division of the Province of British Columbia.
About Carmax
Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia.
For further information, please visit the website at carmaxmining.com to view the Company's profile.
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