Business
Cordoba Minerals Closes First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2021) - Sarah Armstrong-Montoya, Presid...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Closes First Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 2, 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 has closed the first tranche of its previously announced non-brokered private placement (the \"Offering\") (refer to Cordoba's news release dated May 20, 2021). In connection with the closing of this tranche of the Offering, the Company has issued an aggregate of 1,823,685 common shares of the Company (the \"Common Shares\") to its majority shareholder, Ivanhoe Electric Inc. (\"Ivanhoe Electric\"; previously High Power Exploration Inc.1) at a price of $1.10 per Common Share, for gross proceeds of $2,006,053.50 (the \"Lead Order\").Cordoba's second largest shareholder, JCHX Mining Management Co., Ltd. (\"JCHX\"), intends to purchase an amount of Common Shares that increases its shareholding to a 19.99% interest in the Company on an undiluted basis (the \"JCHX Tranche\"). The closing of the JCHX Tranche is expected to occur in early June 2021.Net proceeds from the Offering will be used to continue fieldwork supporting the Pre-Feasibility Study 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.The Common Shares are being offered pursuant to exemptions from the prospectus requirements and are subject to a four month and one day hold period expiring on October 3, 2021. Closing of the Offering is expected to be completed in tranches and is subject to final approval by the TSX Venture Exchange. The Company did not pay any finder's fees in relation to the Lead Order, but 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.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 regis...