HPX spend $16.5 million to earn a 51% stake in the projektThe Agreement also provides for HPX and the Company to enter into a separate joint venture agreement (the "JV Agreement") which calls for HPX to fund an initial C$2,500,000 of exploration work over an 18 month period ("Initial Option Period") on the San Matias Project, to be funded by proceeds from the Private Placement and the exercise of the Warrants. HPX will be the operator of the exploration program. The Agreement provides additional earn-in phases (Phase 1, 2 and 3), whereby HPX can earn up to 65% of Cordoba's indirect subsidiary Minerales Cordoba SAS (the "JV Company") which holds the San Matias Project by spending an additional C$16,500,000 in exploration with a minimum of $6 million in Phase 1 for a 25% interest and $10.5 million in Phase 2 for a 51% interest and funding a National Instrument 43-101 compliant feasibility study on the Project during Phase 3 for a 65% interest over a maximum 102 month period following the Initial Option Period.
Read more at https://www.stockhouse.com/news/press-releases/2015/05/08/cordoba-minerals-and-high-power-exploration-form-strategic-partnership-to#8tzX0Eh153isSWrS.99