Over the past trading session, Cordoba Minerals (OTCQB: CDBMF) shares declined -10.05% to $0.7184.During the session, Cordoba Minerals stock price remained at 0.7184, while 500 shares were traded. CDBMF stock remains volatile after closing of first tranche of non-brokered private placement.
How did that private placement work?
A mining exploration company, Cordoba Minerals explores, develops, and acquires copper and gold projects. San Matias Copper Gold Silver Project, owned 100% by CDBMF, includes the Alacran Deposit as well as satellite deposits in Cambia and Montiel in Colombia’s Department of Cordoba. Similarly, CDBMF holds a 25% stake in the Perseverance Copper Project in Arizona, USA, which is under exploration through a joint venture and earn-in agreement.
Cordoba Minerals Inc. announced that its non-brokered private placement has closed its first tranche of the previously announced non-brokered placement by Sarah Armstrong-Montoya, President and Chief Executive Officer.
- Ivanhoe Electric Inc., CDBMF’s majority shareholder, received 1,823,685 common shares of CDBMF upon the close of this tranche of the Offering.
- Approximately $2,006,053.50 in gross proceeds were generated from CDBMF’s offering of Common Shares at a price of $1.10.
- JCHX Mining Management Co., Ltd., CDBMF’s second largest shareholder, intends to purchase Common Shares that will increase the company’s stake to 19.99% on an undiluted basis.
- Early June 2021 is anticipated as the closing date for the JCHX tranche.
How CDBMF will use proceeds:
The net proceeds from the Offering will be used by CDBMF to supervise the project’s Pre-Feasibility Study and to conduct regular operations tasks. A four month and one day hold period expires on October 3, 2021, in connection with the Common Shares being offered by Cordoba Minerals (CDBMF) pursuant to exemptions from prospectus requirements.