Cordoba Arranges $2.0 Million Private Placement; Amends Existing Warrants
VANCOUVER, Oct. 11, 2012 /PRNewswire/ - Cordoba Minerals Corp. (TSXV: CDB) is pleased to announce that it has arranged, subject to TSX Venture Exchange approval, a non-brokered private placement financing of up to 4.45 million units at $0.45 per unit, for proceeds of up to $2.0 million. Each unit will consist of one common share and one-half of a warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at $0.50 for two years from closing.
If at any time from four months and one day after the closing of the financing, the closing price of the Company's common shares on the TSX Venture Exchange over any period of 10 consecutive trading days exceeds $0.625, the warrants will expire early, namely, on the date which is 37 calendar days following such 10-day trading period.
The Company may pay finder's fees on a portion of the financing equal to 5% of subscription amounts found, payable in cash or units, plus issue finder's warrants in an amount equal to 5% of units purchased. Each finder's warrant will be exercisable into one common share of the Company at a price of $0.50 for two years from closing.
The net proceeds of the placement will be used towards exploration of the Company's Cordoba Property, Colombia and for general working capital purposes.
Cordoba Minerals also announces that its Board of Directors has determined that it is in the best interests of the Company to amend the exercise price of private placement warrants issued earlier this year. Accordingly, subject to TSX Venture Exchange acceptance, the exercise price of outstanding warrants entitling the holders to purchase a total of 3,433,335 shares has been reduced from $1.00 per share to $0.50 per share.
The expiry dates of these warrants remain unchanged. If, however, at any time the closing price of the Company's common shares on the TSX Venture Exchange over any period of 10 consecutive trading days exceeds $0.625, the amended warrants will expire early, namely, on the date which is 37 calendar days following such 10-day trading period.
About Cordoba Minerals
Cordoba Minerals Corp. is a Vancouver-based mineral exploration company focused on the acquisition and exploration of copper and gold projects in Colombia. Please visit our website www.cordobamineralscorp.com for additional project information.
ON BEHALF OF THE BOARD,
Peter Thiersch, President
Cordoba Minerals Corp.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of the Company. Actual results may differ materially from those currently anticipated in such statement.
SOURCE Cordoba Minerals Corp.