Business
Cordoba Minerals Announces Rights Offering and Standby Commitment by HPX
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2020) - Cordoba Minerals Corp. (TSXV: ...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Announces Rights Offering and Standby Commitment by HPXProceeds Will Allow Cordoba to Meet Final Option Payment and Vest a 100% Interest in the Alacran Copper-Gold ProjectVancouver, British Columbia--(Newsfile Corp. - May 15, 2020) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (\"Cordoba\" or the \"Company\") today announced that it will conduct an offering (the \"Rights Offering\") of rights to acquire common shares of the Company (\"Common Shares\") to raise gross proceeds of C$21,500,000. Pursuant to the rights offering circular (the \"Rights Offering Circular\") and the notice of rights offering (the \"Notice of Rights Offering\"), each eligible registered shareholder of the Company residing in Canada and holding Common Shares as at the close of business on June 1, 2020 (the \"Record Date\") will receive 0.93171762634 of one right for every one Common Share held. All fractional rights will be rounded down to the nearest whole number of rights (each whole right, a \"Right\"). Each Right will entitle the holder to subscribe for one Common Share at a subscription price of C$0.05 per Common Share (the \"Basic Subscription Privilege\"). Shareholders who fully exercise their Rights under the Basic Subscription Privilege will also be entitled to subscribe for additional Common Shares, on a pro rata basis, if available as a result of unexercised Rights prior to the Expiry Time (the \"Additional Subscription Privilege\"), subject to certain limitations as set out in the Company's Rights Offering Circular.The Rights will be listed and posted for trading on the TSX Venture Exchange under the symbol \"CDB.RT\" on a \"when issued\" basis commencing on May 29, 2020 and will expire at 5:00 p.m. (Vancouver time) (the \"Expiry Time\") on June 25, 2020, after which time unexercised Rights will be void and of no value.The Company currently has 461,513,218 Common Shares issued and outstanding. If all Rights issued under the Rights Offering are validly exercised, an additional 430,000,000 Common Shares would be issued. The Company intends to use the net proceeds of the Rights Offering to complete the final remaining payment of US$13,000,000 due no later than June 30, 2020 to the OMNI Parties and will vest a 100% interest in the Alacran mineral title. Remaining proceeds will be used to cover general working capital expenses...