Toronto, Ontario--(Newsfile Corp. - February 25, 2019) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQX: CDBMF) ("Cordoba" or the "Company") is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement (the "Offering") (refer to Cordoba's news releases dated February 14, 2019 & February 19, 2019). In connection with the closing of this tranche of the Offering, the Company has issued an aggregate of 15,000,000 units of the Company (the "Units") at a price of $0.10 per Unit for gross proceeds of $1,500,000.
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.
In connection with subscriptions received in the first tranche of the Offering, the Company expects to pay aggregate finder's fees of $4,550.
The final tranche of the Offering is expected to close before March 1, 2019. The securities issued pursuant to the Offering will be subject to a four-month hold period. The Company may pay eligible finders assisting in the final tranche of the Offering a fee in cash and/or securities equal to 7% of the gross proceeds raised by such finders.
The Offering remains subject to the final approval of the TSX Venture Exchange.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects. Cordoba is currently focused on its 100%-owned San Matias Copper-Gold Project, which includes the advanced-stage Alacran Deposit, located in the Department of Cordoba, Colombia. Cordoba has also entered into a Joint Venture and Earn-In Agreement to explore the Perseverance copper porphyry project located in Arizona, USA. For further information, please visit www.cordobaminerals.com.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.
For further information, please contact:
Evan Young, Director, Investor Relations
Phone: +1 (647) 808-2141
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, all statements regarding the timing and completion of the Offering; statements regarding the proposed use of proceeds from the Offering; statements regarding the aggregate finder's fees payable in connection with the closing of the first tranche of the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Cordoba operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.