TSX-V-listed Cordoba Minerals has completed the strategic equity investment, totaling about C$11-million, by JCHX Mining Management.
Cordoba has issued over 91.3-million common shares to JCHX through a private placement at a price of C$0.12 a share. With the completion, JCHX now owns about 19.9% of Cordoba’s issued and outstanding common shares.
High Power Exploration (HPX) remains Cordoba’s majority shareholder with 60% ownership.
Cordoba intends to use the proceeds for completing work required to secure mining approvals at the San Matias copper, gold and silver project, in Colombia, to further explore in the district and at the Perseverance copper project, in Arizona, in the US.
The proceeds will also be used for working capital and general corporate purposes as well.
Pursuant to the terms of the investor rights agreements with JCHX, Cordoba has accepted the nomination of Dr Peng Huaisheng to the Cordoba board of directors, expanding the board to five members.