BHP now owns approximately 5% of Filo Mining's issued and outstanding Common Shares (on an undiluted basis)
Filo Mining announces closing of C$100m strategic investment by BHP. (Credit: Alex Banner from Pixabay)
Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (“Filo Mining”, or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement”) by BHP Western Mining Resources International Pty Ltd, a wholly owned subsidiary of BHP Group Limited (“BHP”).
Pursuant to the Private Placement, the Company issued 6,270,000 common shares of the Company (the “Common Shares”) at a price of C$15.95 per Common Share for total gross proceeds of approximately C$100 million. The Private Placement was not subject to finders’ fees or commissions.
As a result of the completion of the Private Placement, BHP now owns approximately 5% of Filo Mining’s issued and outstanding Common Shares (on an undiluted basis).
Filo Mining intends to use the proceeds of the Private Placement for exploration and development of the Company’s Filo del Sol project and for working capital and general corporate purposes. The Common Shares are subject to a statutory hold period in accordance with applicable securities regulations.
Source: Company Press Release