VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2014) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) and its wholly owned subsidiary Desert Fox Copper Inc. ("Desert Fox") are pleased to announce that the shareholders of Carmax Mining Corp. ("Carmax") have approved the proposed private placement of 20,000,000 units to Desert Fox. This placement is expected to close on May 28, 2014, with the details previously announced in the April 10, 2014 news release. Further announcements will be made upon closing.
Each unit subscribed for by Desert Fox will consist of one Common Share and one Share Purchase warrant with a common share purchase warrant of the Corporation entitling the subscriber to purchase for a period of two years following the date of Closing one Common Share at a price of $0.075 per share, subject to terms and conditions set forth in the warrant certificate.
Mr. Stewart, President of Copper Fox stated, "We are excited to receive this news from Carmax and are looking forward to working with them on their Eaglehead Project once the private placement has closed. We are also pleased to announce that the Copper Fox AGM, held yesterday in Calgary, resulted in the Board of Directors being re-elected, we are proud to have them re-elected and look forward to another busy year for Copper Fox.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX-Venture Exchange (TSX VENTURE:CUU) focused on copper exploration and development in North America with offices in Calgary, Alberta and Miami, Arizona. In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture, Copper Fox holds, through Desert Fox and its wholly-owned subsidiaries, the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona and the Van Dyke oxide copper project in the Globe-Miami Mining District, Arizona. For further information on these projects, please refer to the Company's website at www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities laws. Forward-looking information in this news release includes statements about the completion of the private placement by Desert Fox in Carmax.
In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the private placement by Desert Fox in Carman may not close as complete as currently anticipated; the actual mineralization in the Eaglehead property deposit may not be as favorable as suggested by the resource estimate; the possibility that future drilling and geophysical exploration on the Eaglehead property may not occur on a timely basis, or at all; fluctuations in copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of the mineral deposit; uncertainty of estimates of capital and operating costs, recovery rates, and estimated economic return; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.