- JCHX Mining Management completes its US$100 million investment commitment in the Alacrán Project via a final US$20 million payment.
- Cordoba Minerals (OTCQB: CDBMF) to sell remaining 50% Alacrán Project stake to Veritas Resources AG, resulting in 100% ownership for Veritas.
- Transaction subject to TSX Venture Exchange approval and other customary conditions.
Cordoba Minerals (OTCQB: CDBMF) has announced a significant development in its partnership with JCHX Mining Management. JCHX has completed its US$100 million investment in the Alacrán Project by making a final installment of US$20 million, confirming its 50% interest in CMH Colombia S.A.S., the entity holding the project.
Out of the final payment received, Cordoba has utilized approximately US$10 million to repay bridge loans obtained from JCHX affiliates in December 2024. This strategic financial move underscores the ongoing commitment of both companies to the success of the Alacrán Project.
In a pivotal shift towards full ownership transition, Cordoba has entered into a definitive agreement to sell its remaining 50% interest in the Alacrán Project to Veritas Resources AG, a subsidiary of JCHX. Upon completion of this transaction, Veritas will gain full control with 100% ownership of the project. However, this transaction is pending approval from the TSX Venture Exchange and must satisfy other standard closing conditions.
Cordoba's President and CEO, Sarah Armstrong-Montoya, expressed optimism regarding the completed investment, stating, “The completion of this final installment by JCHX is a major milestone for both companies and a strong vote of confidence in the Alacrán Project.” This move further solidifies the robust partnership between Cordoba and JCHX while advancing Cordoba's strategic objectives in the mineral exploration sector.
