Business
Cordoba Minerals Closes Final Tranche of Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - March 11, 2019) - Cordoba Minerals Corp. (TSXV: CDB) (OTC...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Closes Final Tranche of Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - March 11, 2019) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQX: CDBMF) (\"Cordoba\" or the \"Company\") is pleased to announce that it has completed the third and final tranche of its previously announced non-brokered private placement (the \"Offering\") (refer to Cordoba's news releases dated February 14, 2019, February 19, 2019, February 25, 2019 and March 4, 2019). In connection with the closing of this final tranche of the Offering, the Company has issued an aggregate of 1,000,000 units of the Company (the \"Units\") at a price of $0.10 per Unit for gross proceeds of $100,000. A total of 22,800,000 Units have been placed in the Offering for total gross proceeds of $2,280,000.Each Unit consists of one common share (\"Share\") of the Company and one common share purchase warrant (\"Warrant\"). Each Warrant entitles 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.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.No finder's fees were paid in connection with subscriptions received in the third and final tranche of the Offering.. The securities issued pursuant to the Offering will be subject to a four-month hold period. As part of the final tranche of the Offering, an officer of the Company (the \"Insider\") arranged for the sale of 500,000 Shares of the Insider's personal holdings at a price in context with the market through the facilities of the TSX Venture Exchange (the \"TSXV\") (the \"Swap\"). The Insider used the proceeds from the Swap to participate in the Offering. The Offering and the Swap remains subject to the final approval of the TSXV.Extension of Alacran Option Payment with OMNICordoba and Sociedad Ordinaria de Minas Omni (\"OMNI\") have agreed to a 3-month extensi...