I-Pulse reports a decrease in its ownership percentage of Cordoba Minerals following Cordoba's non-brokered private placement
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2019) - This news release is issued by I-Pulse Inc. ("I-Pulse") pursuant to the early warning requirements of Canada's National Instrument 62-104 and National Instrument 62-103 (together, the "Instruments") with respect to common shares of Cordoba Minerals Corp. ("Cordoba").
I-Pulse, through its affiliate, High Power Exploration Inc. ("HPX"), announces that pursuant to Cordoba's issuance of 15,000,000 units ("Units") at C$0.10 per Unit on February 25, 2019 through a non-brokered private placement (the "Placement"), I-Pulse's overall shareholding in Cordoba has decreased by 3%. Each Unit in the Placement consisted of one Cordoba common share (each, a "Share") and one warrant to purchase one Share at an exercise price of $0.12 per share for a period of 24 months. From the Placement, I-Pulse, through HPX, has acquired beneficial ownership and control over 2,500,000 common shares of Cordoba and warrants to purchase an additional 2,500,000 Shares.
Immediately prior to the Placement, I-Pulse had beneficial ownership and control over 207,589,163 Shares, representing approximately 74.9% of the then issued and outstanding Shares. Following completion of the Placement, I-Pulse has beneficial ownership and control over 210,089,163 Shares representing 71.9% of the currently issued and outstanding Shares, and is deemed to beneficially own 35,287,439 Shares issuable upon the exercise of Share purchase warrants (including all warrants it has acquired in the Placement), representing approximately 74.9% of Cordoba's then issued and outstanding Shares on a partially-diluted basis. All of these securities are beneficially owned and controlled by I-Pulse.
I-Pulse and HPX also announce that prior news releases and early warning reports filed to disclose HPX's ownership of Cordoba were filed on behalf of Ivanhoe Industries, LLC ("Industries"), a parent company of I-Pulse and HPX. Pursuant to a dilution in Industries' ownership interest in I-Pulse, Industries has ceased to control HPX and, accordingly, I-Pulse is now deemed to have effective control of HPX, and is now the entity required to file such reports under the Instruments.
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Cordoba's profile on the SEDAR website (www.sedar.com), or contact Penny Schattenkirk at (604) 689-8765. I-Pulse has an office at c/o 654-999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43061