Copper Fox Metals Inc
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Materials : Metals & Mining | Small Cap Blend
Based in Canada
Company profile

Copper Fox Metals Inc. is a development-stage company. The Company operates as an exploration and development resource company. It is focused on the exploration and development of copper projects in North America. The Company primary assets are its interest in the Schaft Creek Joint Venture with Teck Resources Limited (Teck) on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the Van Dyke oxide copper deposit located in Globe-Miami Mining District in Arizona. The Company's Sombrero Butte project is located in the Laramide age porphyry copper belt in Arizona. The Company's Mineral Mountain project occurs along the Jemez structural trend that hosts the Miami-Globe, Resolution, Florence and Casa Grande copper deposits/districts. The Mineral Mountain property is located between the Florence copper deposit and the Resolution copper deposit. It also holds interest in Eaglehead Project, which is a copper-gold-molybdenum-silver property.

Closing Price
$0.3117
Day's Change
-0.015 (-4.61%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.338
Day's Low
0.2989
Volume
(Light)
Volume:
72,024

10-day average volume:
140,154
72,024

Lucid Motors finally confirms SPAC deal, and the stock is plunging

7:27 pm ET February 22, 2021 (MarketWatch)
Print

By Jeremy C. Owens

Electric-car company going public with record investment from other entities at $15 a share, but the SPAC's stock closed at nearly $60 after massive run-up on rumor of impending deal

After weeks of spiking share prices for a blank-check company rumored to be targeting the acquisition of electric-vehicle company Lucid Motors, the two parties officially announced a deal Monday afternoon, and the stock sank sharply.

Lucid, a buzzy potential Tesla Inc. (TSLA) rival, agreed to combine with Churchill Capital Corp. IV (CCIV) , a special-purpose acquisition company, or SPAC, also known as a blank-check company. SPACs have become extremely popular during the COVID-19 pandemic, and have been used repeatedly in the electric-car and related sectors amid a phenomenal rise in Tesla's valuation.

Lucid and Churchill announced Monday afternoon that they will combine at an equity value of $11.75 billion, and have attracted private investment in the deal at $15 a share. The private investment in a public equity deal, known as a PIPE, and cash from Churchill will provide roughly $4.4 billion in total funding to Lucid, the parties reported.

The rumors that the deal would happen had sent Churchill shares much higher than the levels detailed in Monday's announcement, however, and shares dove more than 25% in after-hours trading. Shares closed Monday at $57.37, which would equal a market cap of nearly $15 billion, according to FactSet. Like all SPACs, Churchill went public at a per-share price of $10, with most of the gains coming after reports of discussions between Lucid and Churchill.

Lucid is based in Newark, Calif., an East Bay city next door to Tesla's original factory in Fremont. Chief Executive Peter Rawlinson, who will continue to lead the company after the transaction closes, was the chief engineer on Tesla's Model S before leaving for Lucid.

"Lucid is going public to accelerate into the next phase of our growth as we work towards the launch of our new pure-electric luxury sedan, Lucid Air, in 2021 followed by our Gravity performance luxury SUV in 2023," Rawlinson said in a statement. "Financing from the transaction will also be used to support expansion of our manufacturing facility in Arizona, which is the first greenfield purpose-built EV manufacturing facility in North America, and is already operational for pre-production builds of the Lucid Air."

Lucid expects to more than double its U.S. workforce after the investment, from about 2,000 workers currently to roughly 5,000 by the end of 2022.

Lucid will now be backed by a legion of heavy hitters beyond its already sizable investment from Saudi Arabia's Public Investment Fund, which is also investing in the PIPE. Others involved in the investment include "funds and accounts managed by BlackRock, Fidelity Management & Research LLC, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital Management LLC," according to Monday's announcement, which claimed it would be the largest ever SPAC-related common stock PIPE.

Investors in the PIPE agreed not to sell their shares until Sept. 1 or the shares are registered, whichever is later. Existing investors will face a six-month lockup on their shares. Churchill's sponsor has agreed not to sell shares for 18 months after the transaction closes.

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

February 22, 2021 19:27 ET (00:27 GMT)

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