VANCOUVER, BC, March 11, 2022 /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 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"). View PDF version
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.
On behalf of Filo Mining,
Jamie Beck
President and CEO
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of Filo Mining's securities in
the United States. The securities
have not been and will not be registered under the U.S. Securities
Act or any state securities laws and may not be offered or sold
within the United States or to, or
for the account or benefit of, U.S. Persons unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Filo del Sol
The Filo del Sol Project hosts a high-sulphidation epithermal
copper-gold-silver deposit associated with a large porphyry
copper-gold system. In January
2019, the Company completed a Pre-Feasibility Study
("PFS") on the oxide portion of the project which
demonstrated robust economic potential. The technical
information relating to the PFS is based on a technical report
titled "NI 43-101 Technical Report, Pre-feasibility Study for the
Filo del Sol Project" dated February 22,
2019, with an effective date of January 13, 2019.
Subsequent to the completion of the PFS, exploration drilling at
the Filo del Sol Project has intersected long intervals of copper,
gold and silver mineralization well outside of the resource
envelope. Drilling at the Filo del Sol Project has extended
the known mineralization over a distance of approximately 4,500
metres north-south, 1,000 metres east-west and almost 1,500 metres
deep. The deposit remains open to the north, south, east and
at depth. Further exploration of the project remains the
strategic focus of the Company moving forward.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the Filo del Sol
Project included in this news release have been reviewed and
approved by Bob Carmichael, B.A.Sc.,
P.Eng. who is the Qualified Person as defined by NI 43-101.
Mr. Carmichael is Vice President, Exploration for the Company.
About Filo Mining
Filo Mining is a Canadian exploration and development company
focused on advancing its 100% owned Filo del Sol copper-gold-silver
deposit located in Chile's Region
III and adjacent San Juan Province, Argentina. The Common Shares are listed on the
TSX and Nasdaq First North Growth Market under the trading symbol
"FIL", and on the OTCQX under the symbol "FLMMF". The Company
is a member of the Lundin Group of Companies and works closely with
the Lundin Foundation, a registered Canadian non-profit supported
by the Lundin Group of Companies, who elevate developmental
practices across the group companies, ensuring resource operations
mobilize local economic opportunities and benefit surrounding
communities. Filo Mining is committed to responsible mineral
development, ensuring the Filo del Sol Project aligns with
international best practices and standards, while developing
mutually beneficial relationships with all stakeholders.
Additional Information
The Company's certified adviser on the Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 8 506 51703,
rutger.ahlerup@aktieinvest.se.
The information contained in this news release was accurate at
the time of dissemination, but may be superseded by subsequent news
release(s). The Company is under no obligation nor does it intend
to update or revise the forward-looking information, whether as a
result of new information, future events or otherwise.
This information was submitted by Filo Mining Corp. for
publication, through the agency of the contact person set out
below, on March 11, 2022 at
11:20 EST.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the
press release constitutes "forward looking information" and
"forward-looking statements" within the meaning of applicable
Canadian, United States and other
securities legislation (collectively, "forward-looking
information"). The forward-looking information contained in this
press release is based on information available to the Company as
of the date of this press release. Except as required under
applicable securities legislation, the Company does not intend, and
does not assume any obligation, to update this forward-looking
information. Generally, this forward-looking information can
frequently, but not always, be identified by use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events, conditions or results "will", "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or
the negative connotations thereof.
All statements other than statements of historical fact may be
forward-looking statements. Forward looking information is
necessarily based on estimates and assumptions that are inherently
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward-looking information. The
Company believes that the expectations reflected in the
forward-looking statements and information included in this press
release are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements and information should not be unduly relied upon. This
statement and information speaks as of the date of the press
release.
In particular, this press release contains forward-looking
statements or information with respect to the use of proceeds from
the Private Placement, the strategic focus of the Company moving
forward and the Company's commitment to responsible development of
the Filo del Sol Project. There can be no assurance that such
statements will prove to be accurate, as the Company's actual
results and future events could differ materially from those
anticipated in this forward-looking information as a result of the
factors discussed in the "Risk Factors" section in the Company's
most recent MD&A and annual information form available at
www.sedar.com.
Forward-looking information is based on certain assumptions that
the Company believes are reasonable, that the current price of and
demand for commodities will be sustained or will improve, the
supply of commodities will remain stable, that the general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed on
reasonable terms, that the Company will not experience any material
labour dispute, accident, or failure of plant or equipment, and
that the Company will receive regulatory approvals, permits and
licenses, as and when required in a timely manner. These factors
are not, and should not be construed as being, exhaustive. Although
the Company has attempted to identify important factors that would
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. All the forward-looking information
contained in this document is qualified by these cautionary
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof.
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SOURCE Filo Mining Corp.