Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) announced that it has received the second installment of US$40 million from a subsidiary of JCHX Mining Management Co, Ltd as part of the Strategic Framework Agreement between the two companies for the joint development of Cordoba's flagship Alacran Project in Colombia.
The mineral exploration company said part of the proceeds was used to repay the US$4 million bridge financing that was previously provided by Cordoba's majority shareholder Ivanhoe Electric Inc in the form of a short-term convertible debenture, while another part will be used to repay the short-term loan of US$4 million from JCHX.
Cordoba noted the remaining proceeds from the second installment will be used to continue the development of the Alacran Project and for general corporate purposes.
The company added that the second installment was payable upon the completion of a Cordoba board approved Feasibility Study and the filing of the Environmental Impact Assessment application.
Cordoba Minerals is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects.