Business
Cordoba Minerals Announces Non-Brokered Private Placement of up to $4.5 Million
Vancouver, British Columbia--(Newsfile Corp. - May 20, 2021) - Sarah Armstrong-Montoya, Presid...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Announces Non-Brokered Private Placement of up to $4.5 MillionVancouver, British Columbia--(Newsfile Corp. - May 20, 2021) - Sarah Armstrong-Montoya, President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise \"Cordoba\" or the \"Company\") announces that Cordoba intends on completing a non-brokered private placement (the \"Offering\") of up to 4,086,728 common shares of the Company (the \"Common Shares\") at a price of $1.10 per Common Share, for gross proceeds of up to $4.5 million (approximately US$3.7 million).The Company's majority shareholder, Ivanhoe Electric Inc. (\"Ivanhoe Electric\"; previously High Power Exploration Inc.1) has agreed to subscribe for approximately 1,823,685 common shares (for gross proceeds of approximately $2.0 million) of the Offering (the \"Lead Order\").Net proceeds from the Offering will be used to continue the advancement of fieldwork supporting the ongoing Pre-Feasibility Study work at the Company's 100%-owned Alacran Copper-Gold-Silver Project in Colombia (refer to Cordoba's news releases dated March 31, 2021 and May 13, 2021) and for general corporate purposes.\"We appreciate the ongoing support of our majority shareholder, which enables us to advance the important and ongoing work on the Alacran Pre-Feasibility Study,\" commented Ms. Armstrong-Montoya.Closing of the Offering is expected to be completed in tranches and is subject to TSX Venture Exchange approval. The Company may pay eligible finders assisting in the Offering a fee in cash and/or securities equal to up to 6% of the gross proceeds raised by such finders.The Common Shares will be offered pursuant to exemptions from the prospectus requirements and will be subject to a statutory hold period in Canada expiring four months and one day from the closing date and TSX Venture Exchange hold period, as applicable. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (U.S. Securities Act) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exempt...