Why halt for this?So everyone is alert and ready to note how once again they have stuck it to us? Shares at .0975. And they wonder why we don't like them.
Cordoba Minerals Announces US$2.0 Million Private Placement with HPX
Toronto, Ontario--(Newsfile Corp. - October 10, 2018) - October 10, 2018: Cordoba Minerals Corp. (TSXV: CDB) (OTCQX: CDBMF) ("Cordoba" or the "Company") announces today that it plans to raise US$2.0 million through a non-brokered private placement (the "Placement") of units ("Units") with the Company's majority shareholder, High Power Exploration Inc. ("HPX").
Proceeds from the Placement are expected to be used 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.
Pursuant to the Placement, Cordoba proposes to issue HPX 26,605,128 Units in the Company at a deemed price of C$0.0975 per Unit. Each Unit will consist of one common share ("Share") and one common share purchase warrant ("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 following the closing of the Placement.
Completion of the Placement is subject to TSX Venture Exchange approval and closing is expected to occur on, or about, October 19, 2018. The Shares and Warrants to be issued under the Placement will be subject to a statutory four month hold period.
The Placement is considered a "related party transaction" under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions ("MI 61-101") because HPX is a related party to Cordoba as the majority shareholder. Pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, the Company is exempt from obtaining a formal valuation and approval of the Company's minority shareholders because the Company is listed on the TSX Venture Exchange and the fair market value of HPX's participation in the Placement is less than 25% of the Company's market capitalization for purposes of MI 61-101.
The Company will file a material change report in respect of the Placement. However, the material change report will be filed less than 21 days prior to the closing of the Placement, which is consistent with market practice and the Company deems reasonable in the circumstances.