Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) has arranged US$8 million in funding to support the development of its Alacran copper project in Colombia.
Of this, US$4 million will be funded through a short-term convertible debenture to Cordoba provided by majority shareholder Ivanhoe Electric (IE).
An additional US$4 million is being advanced by Cordoba's joint venture partner, JCHX Mining.
The IE debenture bears interest at 12% per annum payable on its maturity date of the earlier of December 31, 2023, and the date that the second instalment of US$40 million becomes payable by JCHX under a previously agreed US$100 million strategic arrangement.
IE can convert the whole or any portion of the outstanding principal amount into common shares of the Company at a conversion price of C$0.32 per common share.