Business
Cordoba Minerals Completes Strategic Equity Investment of C$11 Million from JCHX
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2020) - Cordoba Minerals Corp. (TS...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Completes Strategic Equity Investment of C$11 Million from JCHXVancouver, British Columbia--(Newsfile Corp. - January 17, 2020) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (\"Cordoba\" or the \"Company\") announced today the completion of the strategic equity investment totalling approximately C$11 million by JCHX Mining Management Co., Ltd. (\"JCHX\").Cordoba has issued 91,372,536 common shares to JCHX through a private placement at a price of C$0.12 per share. With the completion, JCHX now owns approximately 19.9% of Cordoba's issued and outstanding common shares, and High Power Exploration Inc. (\"HPX\") remains Cordoba's majority shareholder owning approximately 60%.Cordoba intends to use the proceeds for completing work required to secure mining approvals at the San Matias Copper-Gold-Silver Project in Colombia; to further explore in the San Matias district and at the Perseverance Copper Project in Arizona, USA; and for working capital and general corporate purposes. The shares issued to JCHX are subject to a four month and one day hold period, which expires on May 17, 2020.\"We welcome JCHX as a major shareholder in our Company,\" stated Eric Finlayson, President and CEO of Cordoba and President of HPX. \"Further information on our 2020 work programs at San Matias and Perseverance will be announced shortly.\"JCHX's President Peng Huaisheng joins Cordoba BoardPursuant to the terms of the investor rights agreement with JCHX, JCHX has nominated and Cordoba has accepted JCHX's nomination of Dr. Peng Huaisheng to the Cordoba Board of Directors. Dr. Peng currently serves as a director of JCHX and President of JCHX Group Co., Ltd. (\"JCHX Group\"). The new appointment expands the Cordoba Board of Directors to five members.Dr. Peng is a professional mining engineer and holds a Bachelor's degree from Northeast University in Shenyang, Liaoning, an EMBA from Tsinghua University in Beijing and a PhD in Science from Central South University in Changsha, China. He is also a supervisor of PhD degree applicants.From 1984 to 2007, Dr. Peng worked in the China Nonferrous Engineering and Research Institute successively as Engineer, Senior Engineer, Vice Director, Vice President, and Deputy General Manager of China ENFI Engineering Corporation.Between 2008 and 2014, Dr. Peng held various roles with Aluminum Corporatio...