- Cordoba Minerals (TSXV:CDB) has completed a rights offering to raise C$21.5 million for the acquisition of the Alacran Deposit in Colombia
- The company issued a total of 430 million common shares, representing 100 per cent of the maximum amount issuable under the terms of the rights offering
- The proceeds will be used to fund the final $17.79 million payment to secure a 100 per cent interest in the Alacran Deposit
- The copper-gold-silver Alacran Deposit is the largest mineral deposit currently identified within the company’s San Matias Project
- Cordoba Minerals (CDB) is currently up 7.14 per cent and is trading at 7.5 cents per share at 3:06pm EDT
Cordoba Minerals (TSXV:CDB) has completed a rights offering to raise C$21.5 million for the acquisition of the Alacran Deposit in Colombia.
Under the terms of the fully-subscribed offering, which was announced on May 15, 2020, the company issued a total of 430 million common shares. As such, Cordoba now has a total of 891,513,218 common shares issued and outstanding.
Due to the offer being completed on a fully-subscribed basis, the company did not need to rely on its majority shareholder, High Power Exploration, to acquire any rights shares under its standby commitment.
Rather, High Power exercised its basic subscription privilege, resulting in a total holding of 531,510,101 shares, or 59.62 per cent of the total amount on issue.
Further to this, Cordoba’s secondmost shareholder, JCHX Mining Management, also exercised its basic subscription privilege to retain its 19.99 per cent stake in the company.
Cordoba intends to use the proceeds to complete the final $17.79 million payment in order to secure a 100 per cent interest in the Alacran copper-silver-gold deposit.
Eric Finlayson, President and CEO of Cordoba Minerals, said he is looking forward to undertaking further work at the Alacran Deposit.
“We are delighted to have received strong support from our shareholders through the rights offering, enabling us to complete the final payment for the Alacran property and to secure 100 per cent ownership.
“We look forward to completing pre-feasibility studies for mine development at Alacran and continuing the search for the concealed porphyry systems responsible for mineralisation in the area,” he said.
Located in the Department of Cordoba, Colombia, Alacran is currently the largest mineral deposit currently identified within Cordoba’s San Matias Project. A pre-feasibility study at the property is currently underway, but on-site work is currently suspended as a result of Government-imposed COVID-related shutdowns.
Cordoba Minerals (CDB) is currently up 7.14 per cent and is trading at 7.5 cents per share at 3:06pm EDT.