Copper Fox (CUU.v) news

I know it's kind of unfashionable to actually read quarterly reports these days, but has anyone else noticed how Copper Fox (CUU.v) is now running on fumes? As per its April 30th quarterly filed yesterday evening on SEDAR, the company had a working capital of $44,000 (thousand, not million) and since then it's been loaned $2m by a director (Ernesto? Natch).

The company now has 387,974,079 shares outstanding which at last night's close values CUU.v at $446.2m. I still feel like I'm taking crazy pills here.

UPDATE: News is that Ernesto is not applying the "when in hole stop digging" principle.

Vancouver, British Columbia – June 14, 2012 – Copper Fox Metals Inc. (“Copper Fox” or “the Company”) (TSX-V: CUU) is pleased to announce that subject to the approval of the TSX-Venture Exchange, the Company intends to complete a non-brokered private placement to raise up to CDN$4,480,000 (the “Offering”). The Offering is expected to consist of 4,000,000 units at a purchase price of $1.12 per unit, for aggregate gross proceeds of $4,480,000. Each unit consists of one common share of Copper Fox and one common share purchase warrant of Copper Fox (a “Warrant”). 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 on the one year anniversary of the closing date of the Offering. Mr. Ernesto Echavarria, a Director, insider and a control person of Copper Fox, as defined by the regulations of the TSX-Venture Exchange, has committed to participating in 100% of the Offering. Monies raised from the Financing will be used to fund costs associated with completing the Feasibility Study of the Schaft Creek Deposit and general operating expenses.