Cordoba Minerals is now being led by the same team that's behind Continental Gold's success (Image: Cordoba Minerals Corp.)

Cordoba Minerals is now being led by the same team that’s behind Continental Gold’s success (Image: Cordoba Minerals Corp.)

Colombian copper-gold explorer, Cordoba Minerals (CDB:TSXV) has announced plans to raise $12 million to finish acquiring the Cordoba project and other exploration work being done there and the San Matias proejct.  And, guess who is behind this financing?  If you guessed GMP Securities, you are right.  This financing is being done on a best efforts basis at $0.50 per subscription receipt (a 12% discount to close of $0.57 per share).  The receipts are exchangeable into one share and one $0.75 three year warrant.  The money raised will be used to finish the acquisition of the Cordoba and San Matias projects to consolidate the whole play under one roof (now named the San Matias Project).

In August of last year Cordoba announced they would acquire a 100%-interest in the Cordoba copper-gold porphyry project from Minatura Group as well as acquire the San Matias project from Sabre Metals.  The goal of these acquistions was to consolidate the targets under one large land package which will lend itself better to potential takeover or development in the future.

As part of the agreement Minatura would become 36% shareholders in CDB and Sabre would become 32%.  The company has to pay $4 million to close he transaction which will be taken from the $12 million raised in this round.  Minatura is backed by Continental Gold (CNL:TSX) and Grupo de Bullet (Robert Allen’s private exploration company).

Cordoba's Montiel target represents a significant copper-gold prospect with success in trenches and geochem (Image: Cordoba Minerals Corp.)

Cordoba’s Montiel target represents a significant copper-gold prospect with success in trenches and geochem (Image: Cordoba Minerals Corp.)

Cordoba has undergone change at the board and management level with a new slate of directors including Ari Sussman coming on as Chairman and Robert Allen a director as wel a new CEO in Mario Stifano (current CEO of Sabre).With the cash left over after the closing, roughly $11 million in the treasury and will be able to drill any of the mirad of high-priority targets the company has.  These include the Montiel and Costa Azul where strong geochemical anomolies and trenching confirm copper and gold occurances.  The company has no shortage of anomolies in their identified 13km corridor of megnetite rich intrusives.

It’s early days, but the company is clearly onto something.  Now they have to prove it with the drill bit, which the company intends to do with a active drill campaign this year.

Read: Cordoba Minerals Announces C$12 Million Equity Financing

Related: Incoming Cordoba CEO Mario Stifano Is Pumped About The San Matias Matias High Grade Copper Gold Porphyry Discovery