Cordoba Minerals Closes Final Tranche of Non-Brokered Private Placement
TSX VENTURE: CDB
Toronto, 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 OMNI
Cordoba and Sociedad Ordinaria de Minas Omni ("OMNI") have agreed to a 3-month extension to the US$1,000,000 advance payment previously due to OMNI on February 27, 2019. The Company has an option agreement with OMNI to earn a 100% interest in the Alacran Copper-Gold Project, which is located within Cordoba's San Matias Project. OMNI is 50.1% owned by Cordoba's majority shareholder HPX.
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 and the Swap; statements regarding the proposed use of proceeds from the Offering; statements regarding no finder's fees being payable in connection with the closing of the third and final tranche of the Offering; and statements regarding the 3-month extension to the Alacran option payment to OMNI. 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.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES