- TSX.V: CDB $0.11
- OTCQB: CDBMF $0.08
Cordoba Minerals Announces Issuance of Shares
VANCOUVER, BRITISH COLUMBIA, March 30, 2020: Cordoba Minerals Corp. (TSXV:CDB; OTCQB:CDBMF) (“Cordoba” or the “Company”) announces that it intends to issue an aggregate of 3,713,687 common shares of the Company (the “First Tranche Shares”) at a price of C$0.0895 per First Tranche Share representing an aggregate value of approximately C$332,375 (US$250,000 on the deemed conversion date) to two arm’s length parties (the “Subscribers”) pursuant to the terms of subscription agreements between the Company and each of the Subscribers (the “Subscription Agreements”).
The Subscription Agreements were entered into in connection with Cordoba obtaining an extension on certain obligations due under an option agreement among the Company, Minerales Cordoba S.A.S, Sociedad Ordinaria de Minas OMNI, Compania Minera El Alacran S.A.S., CMH Colombia S.A.S., Cobre Minerales S.A.S. and Exploradora Cordoba S.A.S. dated February 27, 2016 (the “Option Agreement”), and in consideration for work and services provided by the parties for the Company.
The Subscription Agreements contemplate a second issuance of common shares in the capital of the Company with a combined value of US$250,000 (the “Second Tranche Shares”) to be issuedto the Subscribers at the time of the fifth and final option payment to be made pursuant to the Option Agreement, which is due on or before June 30, 2020.
The Company further announces that in relation to the First Tranche Shares, JCHX Mining Management Co., Ltd. (“JCHX”) has agreed to subscribe for 928,401 common shares in the capital of the Company (the “JCHX Shares” collectively with the First Tranche Sharesthe “Shares”) at a price of C$0.0516 per JCHX Share for gross proceeds of approximately C$47,905 pursuant to the terms of a subscription agreement to be entered between the Company and JCHX.
Cordoba intends to use the proceeds for working capital and general corporate purposes.
The issuance of the Shares is subject to the approval of the TSX Venture Exchange. Shares issued to the Subscribers will be subject to a four-month and one day hold period from the date of issue.
Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is developing the San Matias Copper-Gold-Silver Project, which includes the Alacran Deposit and satellite deposits at Montiel East, Montiel West and Costa Azul, located in the Department of Cordoba, Colombia. Cordoba also holds a 25% interest in the Perseverance Copper Project in Arizona, USA, which it is exploring through a Joint Venture and Earn-In Agreement. For further information, please visit www.cordobaminerals.com.
Evan Young +1-416-545-5371
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this 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, statements with respect to the issuance of the Shares, including the approval of the TSX Venture Exchange. 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 the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation of drill results; the geology, grade and continuity of the Company’s mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; and currency fluctuations. There can be no assurance that forward-looking 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.