HPX majority-owned subsidiary Cordoba Minerals Corp. (TSX-V:CDB; OTCQX:CDBMF) announced that the non-brokered private placement as announced on October 10, 2018 has closed.
Under the terms of the Placement, Cordoba has issued 26,605,128 units to its majority shareholder, HPX, for gross proceeds to the Company totalling US$2.0 million. Each Unit consists of one common share and one common share purchase warrant of the Company. Each Warrant will entitle the holder to purchase one Share at an exercise price of $0.13 per Share for a period of 24 months.
Cordoba will use the proceeds to advance regional exploration at Cordoba’s 100%-owned San Matias Copper-Gold Project in Colombia, to fund ongoing drilling activities at the Perseverance copper porphyry project in Arizona, USA, and for general working capital purposes.
The Shares and Warrants issued in connection with the Placement are subject to a statutory four month hold period. The Placement remains subject to the final approval of the TSX Venture Exchange.
For more information please see Cordoba’s news release.