Vancouver, British Columbia-headquartered Cordoba Minerals Corp. said Jan. 2 that it expects the previously announced C$11 million equity investment by Chinese mining contractor JCHX Mining Management Co. Ltd. to close later this month.

In the deal announced in November 2019, Cordoba Minerals agreed to issue 91,372,536 shares through a private placement at 12 Canadian cents apiece.

Upon closing, JCHX will own a 19.9% stake in Cordoba Minerals, while majority shareholder High Power Exploration Inc. will see its ownership slashed to about 60%.

Proceeds will be used to complete work required to secure mining approvals at Cordoba Minerals' San Matias copper-gold-silver project in Colombia, to further explore the area, and for working capital and general corporate purposes.