Business
Cordoba Minerals Announces Closing of Transactions with HPX
Toronto, Ontario--(Newsfile Corp. - August 3, 2018) - Cordoba Minerals Corp. (TSXV: CDB ...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Announces Closing of Transactions with HPXToronto, Ontario--(Newsfile Corp. - August 3, 2018) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQX: CDBMF) (\"Cordoba\" or the \"Company\") announced today that the transactions with High Power Exploration Inc. (\"HPX\") that were announced on July 25, 2018 have closed.Under the terms of the non-brokered private placement (the \"Placement\"), Cordoba has issued 16,289,619 common shares to HPX for gross proceeds to the Company totalling US$1.3 million. Cordoba will use the proceeds to advance exploration activities at the Company's 100%-owned San Matias Copper-Gold Project in the Department of Cordoba, Colombia, and for general working capital and other corporate purposes.Cordoba has also converted the principal and interest owed to HPX under the short-term loans that it previously advanced to the Company (the \"Loans\") into common shares (the \"Debt Conversion\") at a price per share that is equal to the issue price under the Placement. Accordingly, HPX has received an additional 21,941,567 common shares in connection with converting the approximately US$1.75 million owed under the Loans.Cordoba has also issued 5,336,103 shares to HPX at the same price per share as under the Placement to satisfy a deferred payment owed to HPX totalling US$425,850 relating to Cordoba's acquisition of the Alacran Project (the \"Omni Settlement\"). The common shares issued in connection with the Placement, Debt Conversion and Omni Settlement are subject to a statutory four month hold period. The Placement remains subject to the final approval of the TSX Venture Exchange.With the completion of the transactions, HPX holds 180,984,035 common shares of Cordoba, representing an approximate 72.3% interest.About Cordoba MineralsCordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. 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. For further information, please visit www.cordobaminerals.com.About High Power ExplorationHPX is a private, metals-focused exploration and development company, investing in mineral projects that have high potential for value uplift with HPX's technology, indus...