Each unit being placed by Carmax is priced at $0.07 per share and will consist of one common share and one common share purchase warrant of Carmax with each common share purchase warrant providing the holder with the right to purchase, for a period of two years following the date of closing, one additional common share of Carmax at a price of $0.09 per share, subject to the terms and conditions set forth in the warrant certificate.
The 3,386,078 units issued to Northern Fox have been issued subject to a four month hold period expiring January 26, 2015.
The private placement subscribed for by Northern Fox is pursuant to pre-emptive and top-up rights granted to Northern Fox under the terms of the private placement announced on April 10, 2014.
By Northern Fox exercising the pre-emptive and top up rights, Carmax will realize an additional $237,025.46 which amount has been applied by Carmax to expand the scope of its 2014 Exploration Program currently being undertaken on Carmax’s Eaglehead Property located in the Dease Lake area of British Columbia.
