Canadian miner Cordoba Minerals has completed its rights offering by raising a total of C$15 million (US$18 million). With the secured proceeds from the offering, the miner aims to finalise the pre-feasibility study at the company’s Alacran copper-gold-silver project in Colombia, with plans to complete it in the fourth quarter of this year.
"In addition, the Company plans to use net proceeds for exploration activities, including exploration diamond drilling, on its mineral pro-jects. Remaining proceeds from the Rights Offering will be used for operating costs in Colombia and the USA, corporate general and ad-ministrative costs, and other general working capital purposes," Cor-doba Minerals said in a statement.
The Canadian business says it is focused on the San Matias copper-gold-silver project which comprises the Alacran deposit and satellite deposits in the Department of Cordoba, Colombia.