Business
Cordoba Minerals Announces Non-Brokered Private Placement of up to $2.0 Million
Toronto, Ontario--(Newsfile Corp. - February 14, 2019) - Cordoba Minerals Corp. (TSXV: CDB) (...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Announces Non-Brokered Private Placement of up to $2.0 MillionProceeds for Diamond Drilling at the Perseverance Porphyry Copper Project in Arizona, USAToronto, Ontario--(Newsfile Corp. - February 14, 2019) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQX: CDBMF) (\"Cordoba\" or the \"Company\") announces that it proposes to complete a non-brokered private placement (the \"Offering\") of up to 20,000,000 units of the Company (the \"Units\") at a price of $0.10 per Unit, for gross proceeds of up to $2,000,000. Each Unit will consist of one common share (\"Share\") of the Company and one common share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder, on exercise, to purchase one Share for a period of 24 months following the closing date of the initial tranche of the Offering at the exercise price of $0.12 per Share.The Company has received subscriptions for a total of 13.25 million Units, for gross proceeds of $1.325 million, including a subscription for 2,500,000 Units (for gross proceeds of $250,000) from Cordoba's majority shareholder, High Power Exploration Inc. (\"HPX\"), and certain directors of the Company. Net proceeds from the Offering will be used to advance exploration activities at the Perseverance Project in Arizona, USA, where recent drilling has indicated proximity to a Laramide porphyry copper system (refer to Cordoba's news release dated January 21, 2019), and will include continuation of drilling activities and preparation and permitting for geophysical surveys, including HPX's Typhoon™ technology. Remaining funds will be used for general corporate purposes.Closing of the Offering is expected to be completed in tranches and is subject to TSX Venture Exchange approval. The initial closing (which will include the subscriptions received to date) will close as soon as practicable and the final tranche is expected to close before March 1, 2019. Other directors and/or officers may participate in the Offering. The securities issued pursuant to the Offering will be subject to a four-month hold period. The Company may pay eligible finders assisting in the Offering a fee in cash and/or securities equal to 7% of the gross proceeds raised by such finders (and no finder's fee is payable on any of the subscriptions received to date).The Offering constitutes a \"related party transaction\" u...