Cordoba Minerals arranges US$2.5 million short-term financing with Ivanhoe Electric

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Vancouver, British Columbia – Armstrong-Montoya, President and CEO of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ​​(otherwise “Cordoba” or the “Company”) announces that the Company has entered into a short-term loan of $2.5 million with its majority shareholder Ivanhoe Electric Inc. (‘THAT’S TO SAY’).

The short-term loan of $2.5 million (the “Bridge Loan”) is evidenced by a new gate promissory note and bears interest at 12% per annum, compounded only at maturity. The interest rate will increase to 14% per annum if Cordoba does not repay the amount due by the due date, which is the earliest of the following dates: January 31, 2023and on the second business day following receipt of gross proceeds of at least $10 million any equity or debt financing. $1 million bridge loan has been advanced to the Company.

The purpose of the bridge loan is to ensure that the Company can pursue its exploration activities and the progress of its mining projects, including the technical work program for the feasibility study on the 100% owned site. Copper-Gold-Silver Project San Matias in Colombiaand for general corporate purposes.

“With the continued support of our majority shareholder, Ivanhoe Electric, we continue to advance exploration activities in our mining projects. This includes the recent successes of the infill drilling program at the San Matias project, where we intersected shallow zones of high-grade copper-gold and carbonate base metal veins,” commented Ms. Sarah Armstrong-MontoyaPresident and CEO of Cordoba.

The bridge loan constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) because IE is a related party of Cordoba given its profit share of more than 10%. Pursuant to Section 5.7(1)(f) of NI 61-101, the Company is exempt from obtaining the approval of the Company’s minority shareholders in respect of the Bridge Loan, as it has been determined that the bridge loan is on reasonable commercial terms that are no less advantageous to the Company than if the bridge loan had been obtained from a person dealing at arm’s length with the Company and because the bridge loan is not convertible or redeemable in shares or voting securities of the Company or a subsidiary of the Company or otherwise participate in nature. The Company will file a material change report with respect to the Bridge Loan. However, the material change report will be filed less than 21 days before the closing of the bridge loan, which is consistent with market practice and which the Company considers reasonable in the circumstances.

About Cordoba

Cordoba Minerals Corp. is a mining exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba expands its 100% subsidiary Copper-Gold-Silver Project San Matiaswhich includes the Alacran deposit and the satellite deposits of Montiel Est, Montiel West and Costa Azullocated in the Department of Cordoba, Colombia. Cordoba also holds a 51% stake in the Perseverance Copper Project in Arizona, United States, which he is exploring through a joint venture and compensation agreement. For more information, please visit www.cordobaminerals.com.

Contact:

Sarah Armstrong-Montoya

President and CEO

Ran Li

Such. : +1-604-689-8765

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. All statements included in this press release, other than statements of historical fact, are forward-looking statements, including, but not limited to, the bridge loan, including drawdown, repayment schedule and anticipated goals. bridge loan; potential financing by the Company; additional advances by ie; and the filing of a material change report on the bridge loan. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect ‘, ‘potential’, ‘goal’, ‘budget’ and ‘intent’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘might’ or ‘might’ occur or be achieved and other similar expressions, including their negative forms.

Forward-looking statements are based on a number of assumptions and estimates which, although considered reasonable by management based on the businesses and markets in which Cordoba operates, are inherently subject to significant uncertainties, risks and contingencies. operational, economical and competitive. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration results, interpretation of metallurgical characteristics of mineralization, changes in project parameters as plans continue being refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or failure to receive required approvals, and other exploration or other risks detailed herein and from time to time in documents filed by the Company with securities regulatory authorities, including those described under the heading “Risks and Uncertainties” in the latest management report filed by the Company. The Company does not undertake to update or revise any forward-looking statements except in accordance with applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements.

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