Toronto, Ontario--(Newsfile Corp. - October 19, 2018) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQX: CDBMF) ("Cordoba" or the "Company") announced today that the non-brokered private placement (the "Placement") as announced on October 10, 2018 has closed.
Under the terms of the Placement, Cordoba has issued 26,605,128 units ("Units") to its majority shareholder, High Power Exploration Inc. ("HPX"), for gross proceeds to the Company totalling US$2.0 million. Each Unit consists of one common share ("Share") and one common share purchase warrant ("Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share at an exercise price of $0.13 per Share for a period of 24 months.
Cordoba will use the proceeds to advance regional exploration at Cordoba's 100%-owned San Matias Copper-Gold Project in Colombia, to fund ongoing drilling activities at the Perseverance copper porphyry project in Arizona, USA, and for general working capital purposes.
The Shares and Warrants issued in connection with the Placement are subject to a statutory four month hold period. The Placement remains subject to the final approval of the TSX Venture Exchange.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects. Cordoba is currently focused on its 100%-owned San Matias Copper-Gold Project, which includes the advanced-stage Alacran Deposit, located in the Department of Cordoba, Colombia. Cordoba has also entered into a joint venture and earn-in agreement to explore the Perseverance coppery porphyry project located in Arizona, USA. For further information, please visit www.cordobaminerals.com.
About High Power Exploration
HPX is a private, metals-focused exploration and development company, investing in mineral projects that have high potential for value uplift with HPX's technology, industry expertise, and capital.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.
For further information, please contact:
Evan Young, Director, Investor Relations
Phone: +1 (647) 808-2141
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation: (i) all statements with respect to the use of proceeds of the Placement; and (ii) final approval of the TSX Venture Exchange. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "'budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.