Vancouver Canada headquartered Cordoba Minerals announced that Cordoba and JCHX Mining Management have agreed to a strategic arrangement for the joint-development of the company’s flagship Alacran Project in Colombia. JCHX, through a wholly owned subsidiary, will purchase a 50% ownership interest in CMH Colombia, a company existing under the laws of Colombia for an aggregate consideration of USD 100 million. CMH will own 100% of the Alacran Project and henceforth, be the joint venture vehicle for Cordoba and JCHX in this strategic project level partnership. A Joint Venture Shareholders Agreement will govern the strategic relationship between Cordoba and JCHX, and will set forth the general responsibility and authority of the CMH board of directors, in addition to the entitlements of each shareholder. The JV SHA, which will be entered at closing, provides for among other things: Cordoba will be appointed as the operator and manager of the Alacran Project pursuant to a Management Services Agreement and will be responsible for setting the annual programs and budgets for the CMH board’s approval.
Vancouver Canada headquartered Cordoba Minerals announced that Cordoba and JCHX Mining Management have agreed to a strategic arrangement for the joint-development of the company’s flagship Alacran Project in Colombia. JCHX, through a wholly owned subsidiary, will purchase a 50% ownership interest in CMH Colombia, a company existing under the laws of Colombia for an aggregate consideration of USD 100 million. CMH will own 100% of the Alacran Project and henceforth, be the joint venture vehicle for Cordoba and JCHX in this strategic project level partnership. A Joint Venture Shareholders Agreement will govern the strategic relationship between Cordoba and JCHX, and will set forth the general responsibility and authority of the CMH board of directors, in addition to the entitlements of each shareholder. The JV SHA, which will be entered at closing, provides for among other things: Cordoba will be appointed as the operator and manager of the Alacran Project pursuant to a Management Services Agreement and will be responsible for setting the annual programs and budgets for the CMH board’s approval.
