08:10 AM EST, 12/27/2024 (MT Newswires) -- Cordoba Minerals ( CDBMF ) on Friday said it has arranged US$10 million in bridge financing with its joint venture partner, JCHX Mining Management Co. (JCHX), in the form of two loans of US$5 million each.

JCHX will advance US$5 million to Cordoba, and US$5 million directly to the joint venture entity which holds the Alacran project in Colombia.

Both loans bear simple interest at 10% per annum for the first six months of the loan agreements. This will increase to 12% per annum for the remaining months of the loan agreements. Both loans are payable within 36 months at the latest.

Loan proceeds will go towards the engineering design work program at the Alacran project, and for general corporate purposes.