Cordoba Minerals Announces the Receipt of US$10 Million Bridge Loan from JCHX
Cordoba Minerals Announces the Receipt of
US$10 Million Bridge Loan from JCHX
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2023) - Sarah Armstrong-Montoya, President
and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise
"Cordoba" or the "Company"), is pleased to announce that the Company has received the funds with
respect to the loan of US$10 million (the "Bridge Loan") from a subsidiary of JCHX Mining Management
Co., Ltd. ("JCHX").
The Bridge Loan is for an 18-month term and bears simple interest at 12% per annum during the first
twelve (12) months of the term, and bears simple interest at 14% per annum during the remaining six (6)
months of the term, which shall be calculated on the basis of a 365-day year.
As indicated in the Company's news release dated
December 8, 2022
, the Bridge Loan will be applied
towards the first installment payment required pursuant to the strategic arrangement between JCHX and
the Company for the joint-development of the Company's flagship Alacran Project in Colombia (the
"Transaction"). The Company anticipates that the Transaction will be completed around the end of
February 2023, upon the satisfaction or waiver of all conditions to completion of the Transaction.
The proceeds from the Bridge Loan will be used to ensure the Company can continue exploration
activities and advancement of its mineral projects, including the Feasibility Study technical work program
at the Alacran Project, the repayment of US$2.5 million of the short-term loans that were previously
provided by its majority shareholder Ivanhoe Electric Inc., and for general corporate purposes.
"The participation of JCHX in the Project provides an aligned strategic partner as we are steadily
advancing the Feasibility Study work program at Alacran," commented Ms. Sarah Armstrong-Montoya,
President and CEO of Cordoba. "We continue to focus on developing Alacran into a project that will
generate significant value for all the stakeholders with robust project economics and provide benefits to
the local communities and economy in Colombia."
About Cordoba
Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and
acquisition of copper and gold projects. Cordoba is developing its 100%-owned 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 51%
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
.
ON BEHALF OF THE COMPANY
Sarah Armstrong-Montoya, President and Chief Executive Officer
Information Contact
Ran Li +1-604-689-8765
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.
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, the Alacran
Project and development thereof; joint venture arrangement with JCHX; the Bridge Loan, including
repayment schedule and intended purposes of the Bridge Loan. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/150291