Cordoba Minerals Corp. announced a private placement of short-term convertible debenture for the gross proceeds of $4 million on October 4, 2023. The transaction will include participation from returning investors Ivanhoe Electric Inc. The debenture bears interest at 12% per annum payable on its maturity date, which is the earlier of December 31, 2023 and the date the second instalment of $40 million becomes payable by JCHX under the previously announced $100 million strategic arrangement.

Ivanhoe Electric Inc. will have the right, at any time and from time to time, to convert the whole or any portion of the outstanding principal amount into common shares of the company at a conversion price of $0.2328608 per common share. The debenture and any securities issued on conversion will be subject to a statutory hold period in Canada expiring four months and one day from the closing date and the TSX Venture Exchange hold period, as applicable.