When Ernesto was taking the PP's he was also taking the warrants. Exercising these warrants is a way for CUU to get money....If he doesn't exercise them then we know why.

PP 1:

The Financing replaced the offering announced on September 7th and September 12th, 2011 and consisted firstly of the issuance of 1,851,852 units at a purchase price of $1.35 per unit, for aggregate net proceeds of $2,500,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN $1.50 prior to 5.00 PM September 30, 2012.

PP 2:

The Financing consisted of the issuance of 1,481,482 units at a purchase price of $1.35 per unit, for aggregate net proceeds of $2,000,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN $1.50 prior to 5.00 PM October 31, 2012.

PP: 3

The Financing consisted of the issuance of 3,278,689 units at a purchase price of $1.22 per unit, for aggregate net proceeds of $4,000,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN $1.35 prior to 5.00 PM December 13, 2012

PP 4:

The Financing consisted of the issuance of 2,000,000 units at a purchase price of $1.10 per unit, for aggregate net proceeds of $2,200,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox. Each warrant entitles the holder thereof to acquire one common share of Copper Fox at an exercise price of CDN $1.25 prior to 5:00 PM January 30, 2013.