Carmax Mining Corp. has agreed to make a non-brokered private placement of a minimum three million flow-through units and up to a maximum 10 million flow-through units of Carmax at a price of five cents per unit. Each unit consists of one share and one callable 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, with the warrants expiring two years from the date of the closing of the private placement and subject to an early acceleration event wherein the warrant will become callable on 21 days 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. In the event the shares trade at the threshold price, the company may give the placees notice to exercise the warrants within 21 days failing which the warrants will thereafter expire.

On Dec. 23, 2014, Carmax will be closing the first tranche of three million flow-through units for gross proceeds of $150,000. The securities will be issued subject to a hold period expiring April 24, 2015.

A finder's fee or commission of 8 per cent of the proceeds raised may be paid in cash or finder's units.

The proceeds of the private placement 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.

The private placement is subject to TSX Venture Exchange approval.