Cordoba Minerals Announces Closing of Transactions with HPX
Cordoba Minerals Announces Closing of
Transactions with HPX
TORONTO, ONTARIO, August 3, 2018: Cordoba Minerals Corp. (TSX-V:CDB;
OTCQX:CDBMF) (“Cordoba” or the “Company”) announced today that the transactions
with High Power Exploration Inc. (“HPX”) that were announced on July 25, 2018 have
closed.
Under the terms of the non-brokered private placement (the “Placement”), Cordoba has
issued 16,289,619 common shares to HPX for gross proceeds to the Company totalling
US$1.3 million. Cordoba will use the proceeds to advance exploration activities at the
Company’s 100%-owned San Matias Copper-Gold Project in the Department of Cordoba,
Colombia, and for general working capital and other corporate purposes.
Cordoba has also converted the principal and interest owed to HPX under the short-term
loans that it previously advanced to the Company (the “Loans”) into common shares (the
“Debt Conversion”) at a price per share that is equal to the issue price under the
Placement. Accordingly, HPX has received an additional 21,941,567 common shares in
connection with converting the approximately US$1.75 million owed under the Loans.
Cordoba has also issued 5,336,103 shares to HPX at the same price per share as under the
Placement to satisfy a deferred payment owed to HPX totalling US$425,850 relating to
Cordoba’s acquisition of the Alacran Project (the “Omni Settlement”).
The common shares issued in connection with the Placement, Debt Conversion and Omni
Settlement are subject to a statutory four month hold period. The Placement remains subject
to the final approval of the TSX Venture Exchange.
With the completion of the transactions, HPX holds 180,984,035 common shares of
Cordoba, representing an approximate 72.3% interest.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the
exploration and acquisition of copper and gold projects in Colombia. 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. For further information, please
visit www.cordobaminerals.com.
About High Power Exploration
HPX is a private, metals-focused exploration and development company, investing in
mineral projects that have high potential for value uplift with HPX’s technology, industry
expertise, and capital.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.
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For further information, please contact:
Evan Young, Director, Investor Relations
Email: [email protected]
Phone: +1 (647) 808-2141
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of
Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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 use of proceeds of the Placement and final
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. 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.