VANCOUVER, Dec. 21, 2012 /CNW/ – Cordoba Minerals Corp. (TSXV: CDB) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement by issuing 7,208,890 units at $0.45 per unit, for gross proceeds of $3,244,000. Each unit consists of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share for two years at $0.50. The Company also issued 273,333 common shares and 435,999 warrants as finders’ fees in connection with this portion of the financing. The finders’ fee warrants have the same terms as the unit warrants. All of the shares and warrants have a resale restriction until April 21, 2013.
The net proceeds of the placement will be used towards exploration of the Company’s Cordoba Property, Colombia and for general working capital purposes.
Early Warning Report
As a result of his participation in the private placement, Amin Lakha, of 500 – 108 Avenue NE, Bellevue, WA, has acquired 1,111,112 common shares of the Company at a price of $0.45 each, as well as share purchase warrants to purchase a further 555,556 shares of the Company which are exercisable for two years at a price of $0.50 per share. As a result, Mr. Lakha owns a total of 2,177,779 shares, which represents 8.6% of the issued and outstanding shares of the Company. Assuming the exercise of his warrants in full, Mr. Lakha would own 3,066,669 shares, or 11.7% of the then issued capital of the Company.
The shares were acquired by Mr. Lakha for investment purposes, and he may from time to time, directly or indirectly, acquire additional securities of the Company. Mr. Lakha has filed on www.sedar.com a report pursuant to NI 62-103.
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,
Simon Ridgway, Chairman and CEO
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.