| | Published : March 06th, 2009 | 2008 Year-end Financial Results |
|
Article
|
Comments
|
Comment this article
|
Rating
|
♥
Follow Company
|
|
Re: Monday, March 02, 2009 Title: 2008 Year-end Financial Results
Calgary, Alberta -- March 2, 2009 -- Guillermo Salazar S., President and CEO of Copper Fox Metals Inc. (TSX Venture: CUU) announces that the Company reported income for the fourth quarter of $1,890,230, ($0.02 income per share) and a loss of $736,714, ($0.01 loss per share) for the year ended October 31, 2008. The income earned in the fourth quarter results from the recognition of a tax benefit that had not been previously recorded. In addition, the Company announced in a separate news release dated February 27, 2009 that it has entered into a binding letter of intent with Lions Gate Metals Inc. whereby the two companies plan to form a business accommodation. Mr. Salazar stated "I am delighted that Copper Fox has been able to enter into the letter of intent with Lions Gate Metals. This transaction will allow us to advance and unlock the inherent value of our core asset, the world class Schaft Creek deposit, solidify the Company's financial position, and leverage the combined assets base to demonstrate tremendous benefit to the shareholders of Copper Fox". Copies of the financial statements and notes and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, our Company web site at www.copperfoxmetals.com or by contacting the Company directly. All amounts are in Canadian dollars unless otherwise stated.
Highlights and Significant Items
Copper Fox was very active during its 2008 fiscal year including $15.5 million of expenditures on its mineral property at Schaft Creek and through raising $11.8 million of new capital through the issuance of new shares and the exercise of stock options. With the accumulated data obtained through its drilling programs at the Schaft Creek site, the Company released a preliminary feasibility study in September detailing the economic merits of this mineral deposit. The analysis supports the Company's decision to continue to plan for a 100,000 tonne per day producing mine operation. Given the uncertainty associated with the global decline in metal prices the Company will await further stability in the finncial markets to choose an appropriate time to complete its feasibility study. On February 27, 2009, the Company announced that they had entered into a binding letter of intent ("LOI") to merge with Lions Gate Metals Inc. The proposal transaction is subject to Shareholders' approval, due diligence by both parties on each other, the TSX Venture Exchange approval and obtaining certain settlement agreements with the Company's creditors. Under this plan of arrangement, Lions Gate Metals Inc. will acquire all of the issued and outstanding common shares of the Company. The LOI contemplates that each Copper Fox shareholder will receive 0..094 common shares of Lions Gate for every one common shae of Copper Fox. For every one common share of Lions Gate the shareholders of Copper Fox receive, they will also receive 0.5 Lions Gate warrants. The holder of one Lions Gate warrant will be entitled to purchase one additional common share of Lions Gate in consideration f payment of $2.00 to Lions Gate. The Lions Gate warrants will be exercisable for a period of 5 years. In addition, all outstanding convertible securities of Copper Fox will be exchange for comparable convertible securities of Lions Gate in a amount and at exercise prices adjusted in accordance with the same exchange ratio. This transaction provides for Lions Gate to have exclusive authority to enter into settlement arrangements by March 27, 2009 with the creditors of Copper Fox to discharge the debt of approximately $3,575,000 at February 26, 2009. Selected Financial Information
|
Net Loss |
Net loss per share -basicand diluted |
2008 |
|
|
Fourth Quarter |
$ 1,890,230 |
$ 0.02 |
Third Quarter |
$ (1,307,512) |
$ (0.01) |
Second Quarter |
$ (720,878) |
$ (0.01) |
First Quarter |
$ (598,554) |
$ (0.01) |
2007 |
|
|
Fourth Quarter |
$ (1,215,394) |
$ (0.02) |
Third Quarter |
$ (2,255,109) |
$ (0.01) |
Second Quarter |
$ (540,473) |
$ (0.03) |
First Quarter |
$ (407,802) |
$ (0.01) |
Liquidity
During the fourth quarter the Company's working capital position decreased from $5,319,046 to a working capital deficiency of $2,059,026 as at October 31, 2008. This was as a result of the Company expenditures at the Schaft Creek mineral property, the completion of the Company's preliminary feasibility study released in September and general and administrative expenses reated to its Calgary and Vancouver offices. The Company's ability to continue operations is dependent on obtaining required funds to repay its existing creditors, maintain its interest in the property and achieve success in developing commercial mineral interests. Given the Company's current inability to raise additional capital, the Company may need to avail itself of creditor protection to preserve its property value.
The Company is dependent upon the continued financial support of its creditors in order to carry out its business plan. Additional sources of financing will also be necessary for the Company to continue exploration and development of its propert. Management is seeking equity financing for the Company and although management has been successful in the past, there is no assurance that these initiatives will be successful in the future. As previously announced in a separate news release dated February 27, 2009, the Company has entered into a plan of arrangement to merge its operations with Lions Gate Metals Inc. This merger among other anticipated synergies provides a mechanism for the settlement of outstanding creditor debts of approimately $3,575,000 at February 27, 2009. Copper Fox is a Junior Resource Mining Company listed on the TSX-Venture Exchange (CUU). The company is involved in the exploration and development of a world-class copper/gold porphyry mineral deposit located in north western B.C. at Schaft Creek. Under the terms of an option agreement negotiated with Teck Cominco Limited, Copper Fox can acquire up to a 94.3% aggregate (direct and indirect) interest in the Schaft Creek mineral resource. For further information please contact Jason Shepherd investor relations toll free at telephone 1 866 913 1910, Email: investor@copperfoxmetals.com or visit our web site at http://www.copperfoxmetals.com. ON BEHALF OF THE BOARD OF DIRECTORS Guillermo Salazar S., P. Geol. President and CEO
The TSX Venture exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or te accuracy thereof. This news release includes "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation: anticipated timing and content of upcoming work programs, geological interpretations, receipt of property titles, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; future production, operating and capital costs; and operating or financial performance. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were eveloped and mined. For any forward looking information given, management has assumed that the assay results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from management's expectations include: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for co-operation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future finaning; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipted program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the company's other filings with Canadian securities regulatory authorities at ww.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations toupdate such information to reflect later events or developments, except as required by law. Additional information, about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its most recent annual and quarterly filings, filed with the securities regulatory authorities in Canada available at www.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations toupdate such information to reflect later events or developments, except as required by law. Additional information, about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its most recent annual and quarterly filings, filed with the securities regulatory authorities in Canada available at www.sedar.com.
Copyright � 2009 COPPER FOX METALS INC. (CUU) All rights reserved. For more information visit our website at http://www.copperfoxmetals.com/ or send email to investor@copperfoxmetals.com ..
<
Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
|
Copper Fox Metals Inc.
|
|
DEVELOPMENT STAGE |
CODE : CUU.V |
ISIN : CA21749Q1046 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Copper Fox is a copper development stage company based in Canada. Copper Fox develops copper, gold, molybdenum and silver in Canada. Its main asset in development is SCHAFT CREEK in Canada. Copper Fox is listed in Canada. Its market capitalisation is CA$ 100.5 millions as of today (US$ 73.4 millions, € 68.6 millions). Its stock quote reached its highest recent level on April 21, 2011 at CA$ 2.63, and its lowest recent point on March 13, 2020 at CA$ 0.01. Copper Fox has 427 809 984 shares outstanding. |
Annual reports of Copper Fox Metals Inc. |
Financings of Copper Fox Metals Inc. |
7/1/2016 | Announces Closing of the Second placement |
4/8/2013 | Announces Closing of a $2,653,000 Financing |
2/22/2013 | announces a $2,500,000 Private Placement Unit Offering, insi... |
1/22/2013 | ANNOUNCES the Closing of a $1,500,000 Financing by an Inside... |
1/16/2013 | Announces a $1,500,000 Private Placement Unit Offering, Insi... |
1/16/2013 | Announces a $1,500,000 Private Placement Unit Offering, Insi... |
10/24/2012 | ANNOUNCES the Closing of a $2,500,000 Financing by an Inside... |
9/14/2012 | Announces the Closing of a $4,025,000 Financing by an Inside... |
7/23/2012 | ANNOUNCES a $4,025,000 Private Placement Unit Offering, Insi... |
6/18/2012 | Announces A $4,480,000 Private Placement Unit Offering Insid... |
1/30/2012 | Announces The Closing Of $2,200,000 Financing By An Insider |
1/19/2012 | Announces a $2,200,000 Private Placement Unit Offering Insid... |
12/14/2011 | Announces the Closing of $4,000,000 Financing by an Insider |
12/7/2011 | Announces Increase of $2,000,000 to previously announced Pri... |
10/5/2011 | Announces the Closing of $5,000,000 Financing by an Insider |
9/13/2011 | Announces an Additional $2,000,000 Private Placement Unit Of... |
9/8/2011 | announces a $3,000,000 Private Placement Unit Offering. Ins... |
3/31/2011 | ANNOUNCES THE ACCELERATION TERM TO BE APPLIED TO THE EXPIRY ... |
3/17/2011 | CLOSING OF A $3,750,000 NON BROKERED PRIVATE PLACEMENT FLOW-... |
2/17/2011 | Announces a $3,750,000 Non Brokered Private Placement Flow-T... |
10/22/2009 | closing of a $2,000,000 Private Placement Unit Offering |
9/28/2009 | $2,000,000 Private Placement |
6/23/2009 | Provides Update on its $6,000,000 Private Placement |
6/19/2009 | Updates on its $6,000,000 private placement |
6/2/2009 | announces a $6,000,000 non-brokered Private Placement of whi... |
12/16/2008 | Announces the Withdrawal of a Private Placement Financing |
11/7/2008 | ANNOUNCES PRIVATE PLACEMENT FINANCING |
11/7/2008 | Announces Private Placement Financing |
5/15/2008 | closes Non Brokered Private Placement Financing of $12,398,2... |
7/17/2007 | to raise $10,000,000 in flow-through and non-flow-through fu... |
7/17/2007 | Intends to offer a brokered private placement |
|
Option Grants of Copper Fox Metals Inc. |
Nominations of Copper Fox Metals Inc. |
Financials of Copper Fox Metals Inc. |
|
Project news of Copper Fox Metals Inc. |
|
Corporate news of Copper Fox Metals Inc. |
6/29/2016 | Copper Fox Announces 2016 Second Quarter Financial Results |
6/10/2016 | Copper Fox Announces a $1,000,000 Non-Brokered Private Place... |
3/31/2016 | Copper Fox Announces 2016 First Quarter Financial Results |
3/30/2016 | Copper Fox Annnounces 2016 Schaft Creek Program |
1/25/2016 | Copper Fox Announces Mineral Mountain Copper Project in Ariz... |
12/24/2015 | Copper Fox Files Van Dyke Technical Report on SEDAR |
12/22/2015 | Copper Fox Announces $1,650,000 Non-Brokered Private Placeme... |
11/6/2015 | Copper Fox Provides Update of Activities |
9/29/2015 | Copper Fox Announces Third Quarter Results |
9/25/2015 | Copper Fox Extends Size of Exploration Target on Sombrero Bu... |
9/8/2015 | Copper Fox Reports Large Chargeablity Signature on Sombrero ... |
7/28/2015 | Copper Fox Provides Update of Activities |
7/13/2015 | Copper Fox Commences Titan-24 DCIP Survey at Sombrero Butte ... |
4/15/2015 | Copper Fox Announces Preliminary Results of Metallurgical Te... |
4/8/2015 | Copper Fox Announces Commencement of Preliminary Economic As... |
3/31/2015 | Copper Fox Annnounces First Quarter Results |
3/17/2015 | Copper Fox Annnounces 2015 Schaft Creek Program |
3/13/2015 | Copper Fox Receives $3.63 Million Cash Refund |
3/12/2015 | Copper Fox Extends Warrant Expiry Dates and Announces AGM Da... |
2/27/2015 | Copper Fox Announces Annual Results |
2/9/2015 | Copper Fox Updates Schaft Creek Project Activities |
2/3/2015 | Copper Fox Files Van Dyke Technical Report on SEDAR |
1/15/2015 | Copper Fox Completes Top-Up Investmentin Carmax Mining Corp. |
12/24/2014 | Copper Fox Provides Corporate Update on Project Activities |
12/19/2014 | Copper Fox Completes Inferred Mineral Resource Estimate for ... |
12/3/2014 | Copper Fox Announces Preliminary In-Situ Leach Test Results ... |
10/28/2014 | Copper Fox Announces Commencement of Resource Estimate at Va... |
10/23/2014 | Copper Fox Announces Update on Schaft Creek Project |
9/25/2014 | Copper Fox Completes Top-Up Investment in Carmax Mining Corp... |
9/23/2014 | Copper Fox Announces Third Quarter Results |
9/10/2014 | Copper Fox Announces Van Dyke Drill Results and Provides Oth... |
8/7/2014 | Copper Fox Announces Van Dyke Drill Results and Provides Cor... |
7/21/2014 | Copper Fox Completes Van Dyke Drilling Program and Provides ... |
6/18/2014 | Copper Fox Announces Second Quarter Results |
5/29/2014 | Copper Fox Closes Carmax Investment |
5/23/2014 | Copper Fox Announces Carmax Shareholders Approve Private Pla... |
5/15/2014 | Copper Fox Adds Second Drill to Van Dyke Project and Provide... |
12/3/2013 | s Activities on Van Dyke Copper Deposit in Arizona |
11/19/2013 | Sampling locates two large areas of porphyry style copper-mo... |
8/30/2013 | announces a corporate reorganization |
8/12/2013 | provides update on corporate activities |
7/16/2013 | (Schaft Creek)And Teck Resources Form Schaft Creek Joint Venture |
6/5/2013 | (Schaft Creek)provides update on discussions regarding Schaft Creek |
2/7/2013 | (Schaft Creek)Completes Land Acquisitions at Schaft Creek & Sombrero Butte... |
1/17/2013 | Announces Extension Of Expiry Date Of Certain Stock Options |
10/17/2012 | (Schaft Creek)Reports Diamond Drill Results From the 2012 Drilling Program... |
9/25/2012 | (Schaft Creek)Reports the Status of the Schaft Creek Feasibility Study and... |
9/25/2012 | (Schaft Creek)Reports the Status of the Schaft Creek Feasibility Study and... |
9/4/2012 | Drilling Indicates Widespread Mineralization in the Discover... |
8/2/2012 | (Schaft Creek)Drilling Extends Mineralization In Discovery Zone And Acquir... |
2/16/2012 | (Schaft Creek)Locates a New Zone of Copper Mineralization 1,200M North of ... |
1/23/2012 | Announces The Issuance Of 1,272,727 Shares For Outstanding ... |
1/13/2012 | Announces Shares For Debt Agreement |
9/6/2011 | (Schaft Creek)Drilling Intersects 0.81% Copper Equivalent Over 154m at Sch... |
7/11/2011 | (Schaft Creek)Measured and Indicated Resource Estimate Exceeds 1 Billion T... |
6/21/2011 | (Schaft Creek)High Resolution Magnetic Survey at Schaft Creek Confirms Sim... |
4/13/2011 | Announces Completion of 3D Model and Award of High-Resolutio... |
4/13/2011 | ANNOUNCES COMPLETION OF 3D MODEL AND AWARD OF HIGH-RESOLUTIO... |
6/17/2010 | June 17 2010 news release |
6/1/2010 | June 1 2010 News release |
2/2/2010 | Feb 2 2010 news release |
1/21/2010 | Jan 21, 2010 |
10/23/2009 | New release attached |
10/22/2009 | announces the closing of a $2,000,000 Private Placement Unit... |
9/17/2009 | Applauds Federal Government’s Support for British Columbia N... |
9/17/2009 | Applauds Federal Government's Support for British Columbia N... |
7/13/2009 | Special Shareholders Meeting Approves a New control Person -... |
7/13/2009 | July 13, 2009 News release |
6/30/2009 | Three and Six Months Ended April 30, 2009 |
6/26/2009 | June 25, 2009 news release |
3/3/2009 | Annual Financial |
2/27/2009 | Feb 26, 2009 News release |
2/27/2009 | Lions Gate Metals Inc. and Copper Fox Metals Inc. Announce B... |
2/12/2009 | Correct News release |
2/12/2009 | Feb 11 09 News release |
2/12/2009 | provides an update of Corporate Activities |
2/3/2009 | Highway 37 Power Line Coalition Applauds Premier for Express... |
1/22/2009 | Cambridge House Invitation - Vancouver |
12/18/2008 | December 17 2008 News release |
12/18/2008 | Announces Resignation Of A Director |
9/30/2008 | Sept 30/08 |
9/29/2008 | Applauds Advancement of Northwest Power Line |
9/29/2008 | Applauds Advancement of Northwest Power Line |
9/26/2008 | Northwest Power Line Could Create Thousands of Jobs, Attract... |
9/17/2008 | Schaft not Galore says Copper Fox president |
9/2/2008 | LV Hard Assets Conference Personalized Html |
7/17/2008 | from the Ministry of Energy, Mines and Petroleum Resources r... |
6/26/2008 | June 26 2008 Options |
6/26/2008 | June 26, 2008 |
5/26/2008 | Register Today for a Discounted Rate to the New Orleans 2008... |
4/4/2008 | Applauds Advancement of Northwest Power Line Study |
3/31/2008 | $16mm offering |
11/15/2007 | announces the renewal of the engagement of Jason Shepherd fo... |
10/12/2007 | Announces is has earned a 70% Direct Interest in the World C... |
10/2/2007 | $400 million to empower B.C.'s far northwest |
8/8/2007 | Drilling to Commence at Copper Flats |
7/12/2007 | Press Release: Augusta Files Plan of Operations for Rosemont... |
7/3/2007 | 2nd Quarter Financials |
6/11/2007 | announces its request for a trading halt |
5/4/2007 | and the Tahltan Nation Development Corporation complete a "M... |
4/22/2007 | Adopts a Shareholder Rights Plan. |
2/27/2007 | Welcomes New Executive to the Team |
|
|