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Cordoba Minerals Announces the Receipt of US$10 Million Bridge Loan from JCHX
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2023) - Sarah Armstrong-Montoya, Presid...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Announces the Receipt of US$10 Million Bridge Loan from JCHXVancouver, British Columbia--(Newsfile Corp. - January 4, 2023) - Sarah Armstrong-Montoya, President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise \"Cordoba\" or the \"Company\"), is pleased to announce that the Company has received the funds with respect to the loan of US$10 million (the \"Bridge Loan\") from a subsidiary of JCHX Mining Management Co., Ltd. (\"JCHX\"). The Bridge Loan is for an 18-month term and bears simple interest at 12% per annum during the first twelve (12) months of the term, and bears simple interest at 14% per annum during the remaining six (6) months of the term, which shall be calculated on the basis of a 365-day year.As indicated in the Company's news release dated December 8, 2022, the Bridge Loan will be applied towards the first installment payment required pursuant to the strategic arrangement between JCHX and the Company for the joint-development of the Company's flagship Alacran Project in Colombia (the \"Transaction\"). The Company anticipates that the Transaction will be completed around the end of February 2023, upon the satisfaction or waiver of all conditions to completion of the Transaction.The proceeds from the Bridge Loan will be used to ensure the Company can continue exploration activities and advancement of its mineral projects, including the Feasibility Study technical work program at the Alacran Project, the repayment of US$2.5 million of the short-term loans that were previously provided by its majority shareholder Ivanhoe Electric Inc., and for general corporate purposes. \"The participation of JCHX in the Project provides an aligned strategic partner as we are steadily advancing the Feasibility Study work program at Alacran,\" commented Ms. Sarah Armstrong-Montoya, President and CEO of Cordoba. \"We continue to focus on developing Alacran into a project that will generate significant value for all the stakeholders with robust project economics and provide benefits to the local communities and economy in Colombia.\"About CordobaCordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is developing its 100%-owned San Matias Copper-Gold-Silver Project, which includes the...