Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF)’s joint venture, CMH Colombia S.A.S., which owns 100% of the Alacran Project in Colombia, has received $4 million in funding through a short-term loan from its joint-venture partner, the company’s CEO said.
"With the support from our joint-venture partner, JCHX, the Alacran Project is well underway towards the completion of its Feasibility Study and Environmental Impact Assessment,” Sarah Armstrong-Montoya, president and CEO of Cordoba, said in a statement.
The loan is to be used to continue advancing the Alacran Project and for general corporate purposes.
The loan, bearing a 12% interest rate, is from a subsidiary of JCHX Mining Management Co., Ltd. The interest is due on maturity either 12 months from the date of the loan agreement or the date on which JCHX must pay the second installment of $40 million, whichever comes first.