HPX majority-owned subsidiary Cordoba Minerals Corp. (TSX-V:CDB; OTCQX:CDBMF) announces that it proposes to complete a non-brokered private placement of up to 20,000,000 units of the Company at a price of $0.10 per Unit, for gross proceeds of up to $2,000,000. The Company has received subscriptions for a total of 13.25 million Units, for gross proceeds of $1.325 million, including a subscription for 2,500,000 Units (for gross proceeds of $250,000) from Cordoba’s majority shareholder, High Power Exploration Inc., and certain directors of the Company.
Net proceeds from the Offering will be used to advance exploration activities at the Perseverance Project in Arizona, USA, where recent drilling has indicated proximity to a Laramide porphyry copper system, and will include continuation of drilling activities and preparation and permitting for geophysical surveys, including HPX’s Typhoon™ technology. Remaining funds will be used for general corporate purposes.
For more details please see Cordoba’s news release.