HPX majority-owned subsidiary Cordoba Minerals Corp. (TSX-V:CDB; OTCQB:CDBMF) announced today the completion of the strategic equity investment totalling approximately C$11 million by JCHX Mining Management Co., Ltd. (“JCHX”).
Cordoba has issued 91,372,536 common shares to JCHX through a private placement at a price of C$0.12 per share. With the completion, JCHX now owns approximately 19.9% of Cordoba’s issued and outstanding common shares, and HPX remains Cordoba’s majority shareholder owning approximately 60%.
Cordoba intends to use the proceeds for completing work required to secure mining approvals at the San Matias Copper-Gold-Silver Project in Colombia; to further explore in the San Matias district and at the Perseverance Copper Project in Arizona, USA; and for working capital and general corporate purposes.
The shares issued to JCHX are subject to a four month and one day hold period, which expires on May 17, 2020.
For more details please see Cordoba’s news release.