Incredible. I won't be selling my T-FIL shares anytime soon.
stockwatch.com!FIL-3417107/C/FIL
Filo Mining Announces C$100 Million Private PlacementCanada NewsWire
VANCOUVER, BC, May 31, 2023
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/
VANCOUVER, BC, May 31, 2023 /CNW/ - Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo Mining", or the "Company") is pleased to announce that it intends to sell on a non-brokered private placement basis, an aggregate of 4,739,337 common shares of the Company (the "Common Shares") at a price of C$21.10 per Common Share for gross proceeds of C$100 million (the "Private Placement"). View PDF version.
In connection with the Private Placement, each of Lorito Holdings S.à.r.l. ("Lorito"), Zebra Holdings and Investments S.à.r.l. ("Zebra"), Nemesia S.à.r.l. ("Nemesia", and together with Lorito and Zebra, the "Lundin Family Trusts") and BHP Western Mining Resources International Pty Ltd, a wholly owned subsidiary of BHP Group Limited ("BHP"), being the Company's largest shareholders, have indicated their intention to participate in the Private Placement, subject to customary conditions, and satisfaction with the terms of the Private Placement. The Lundin Family Trusts have indicated their intention of subscribing for up to C$70 million of the Private Placement and BHP has indicated their intention of subscribing for up to C$30 million of the Private Placement.
The net proceeds from the Private Placement will be used for exploration and development of the Company's Filo del Sol project and for working capital and general corporate purposes.
The closing of the Private Placement remains subject to the approval of the Toronto Stock Exchange and other customary regulatory approvals and closing conditions for a transaction of this nature including, but not limited to, execution of subscription agreements between the Company and the subscribers. The Common Shares will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws and will be subject to a statutory hold period of four months and one day from the date of issuance. The Company may pay a finder's fee of 5% in connection with a portion of the Private Placement. The Company anticipates closing of the Private Placement as soon as practicable subject to receipt of all necessary regulatory approvals.
The Lundin Family Trusts will acquire Common Shares under the Private Placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Common Shares issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization. |
