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THE UNITED STATES/
VANCOUVER, BC , June 14,
2023 /CNW/ - Filo Mining Corp. (TSX: FIL)
(Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo
Mining", or the "Company") is pleased to report it has closed its
previously announced non-brokered private placement that was
upsized on June 2, 2023 due to strong
investor demand. PDF Version
Commenting on the private placement, Jamie Beck, President and CEO stated, "The
private placement provided us with an opportunity to raise funds
at-market with limited dilution. In addition to the support of the
Lundin Family and BHP, the private placement was well supported by
institutional investors, including funds and accounts managed by
BlackRock. This sets Filo up well for the next phase of drilling as
we grow and define this remarkable deposit."
The Company sold an aggregate of 6,161,138 common shares (the
"Common Shares") of the Company at a price of C$21.10 per Common Share for gross proceeds of
C$130 million (the "Private
Placement"). Following completion of the Private Placement, the
Company has 130,126,834 Common Shares outstanding. In connection
with the Private Placement, the Company paid a 5.0% finder's fee in
cash on a portion 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 Common Shares issued under the Private Placement will be
subject to a hold period expiring on October
14, 2023.
Nemesia S.à.r.l. (which reports its holdings with Lorito
Holdings S.à.r.l. and Zebra Holdings and Investments S.à.r.l,), an
insider of the Company, acquired Common Shares under the Private
Placement and such participation is 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. The
Company did not file a material change report more than 21 days
before the closing date of the Private Placement due to the limited
time between the launch and closing date.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy the securities in the
United States nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"1933 Act"), or any state securities laws and may not be offered or
sold in the United States unless registered under the
1933 Act and any applicable securities laws of any state
of the United States or an applicable exemption from the
registration requirements is available.
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 San Juan Province, Argentina and adjacent Region III,
Chile. The Company's 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".
Filo Mining is a member of the Lundin Group of Companies.
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 June 14, 2023 at
09:00 am EDT.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the
news release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information"). The forward-looking information contained in this
news release is based on information available to the Company as of
the date of this news 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", "projects",
"budgets", "assumes", "strategy", "goals", "objectives",
"potential", "possible", "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", "should", "might" or "will be taken", "will
occur" or "will be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be
forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. In particular, this press release
contains forward-looking information pertaining to the use of
proceeds of the Private Placement, the focus and objective of
future work programs, the expected results or success of future
work programs, and the growth strategy of the Company.
The forward-looking statements contained in this news release
are made as at the date of this news release and Filo does not
undertake any obligations to publicly update and/or revise any of
the included forward-looking statements, whether as a result of
additional information, future events and/or otherwise, except as
may be required by applicable securities laws. Forward-looking
information is provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of the Company's
operating environment. Forward-looking information is based on
certain assumptions that the Company believes are reasonable,
including 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 and that the
Company will not experience any material labour dispute, accident,
or failure of plant or equipment.
These statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including but not limited to risks related to: Mineral
Resources estimates, estimations of costs, and permitting time
lines; ability to obtain surface rights and property interests;
currency exchange rate fluctuations; requirements for additional
capital; changes to government regulation of mining activities;
environmental risks; unanticipated reclamation or remediation
expenses; title disputes or claims; limitations on insurance
coverage; and other risks, uncertainties and other factors
identified in the Company's periodic filings with Canadian
securities regulators.
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.