Rising copper and gold prices bode well for Cordoba Minerals high-grade copper/gold discovery in Colombia. Expectations are high as drilling commences at their highly prospective project, backed by mining legend Robert Friedland.
Cordoba Minerals Corp. is a Toronto based junior resource exploration company trading on the TSX Venture Exchange under the symbol CDB. Cordoba’s management team has extensive experience in acquiring and advancing mineral projects in Latin America and around the world.
The Company is focused on the San Matias Project where the Company drilled 101.1 metres @ 1.0% Copper and 0.65 gpt Gold. The Company has an agreement with High Power Exploration Inc. (“HPX”), a private exploration company indirectly controlled by mining entrepreneur Robert Friedland, to form a partnership with Cordoba. As a result HPX has entered into a joint venture with the Company to earn up to a 65% interest in the San Matias Project by funding the Project and completing a feasibility study.
Additional highlights of the partnership agreement include the following:
- Cordoba offers HPX the priority right to fund a minimum of 50% of any future equity raising by Cordoba up to a maximum ownership interest by HPX of 35%;
- HPX has pre-emptive / anti-dilution rights to maintain its ownership percentage in Cordoba in future equity financings as long as the holdings of common shares of Cordoba by HPX and its affiliates remains above 10%;
- HPX has the right, but not the obligation, to nominate and have appointed a director to the board of Cordoba as long as its shareholding in Cordoba remains above 10%;
- Each of HPX and Cordoba agree to provide the other with a non-exclusive right to review opportunities that either may have in Mexico and South and Central America for future participation by the other; and
- HPX agrees to a standstill provision for a period of three years following closing of the Private Placement subject to certain exceptions.
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