Carmax Mining closes final tranche of financing
2015-01-14 17:55 ET - News Release Mr. Jevin Werbes reports CARMAX MINING CORP. CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT Carmax Mining Corp. has closed the second and last tranche of the non-brokered private placement announced in its news release of Dec. 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., arising from Northern Fox's exercise of anti-dilution and top-up rights, which allowed Northern Fox to maintain a 42.09-per-cent 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 10 cents 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 days of notice in the event the company's shares trade at a price of 15 cents 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 five cents 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 finance the continued development of the company's Eaglehead property, located in the Liard mining division of the province of British Columbia. We seek Safe Harbor.