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VANCOUVER,
BC, Aug. 7, 2024 /CNW/ - Filo Corp.
(TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX:
FLMMF) ("Filo" or the "Company") is
pleased to announce that it has closed its previously announced
private placement of 3,484,848 common shares in the capital of the
Company (the "Filo Shares") issued at a price of
C$33.00 per share for gross proceeds
of C$114,999,984.00 (the "Private
Placement"). The Private Placement was made pursuant to
subscription agreements entered into between Filo and each of BHP
("BHP") and Lundin Mining Corporation (TSX: LUN) (Nasdaq
Stockholm: LUMI) ("Lundin Mining", and together with
BHP, the "Purchaser Parties"). Upon completion of the
Private Placement, each of BHP's and Lundin's equity interest in
the Company has increased by approximately 1.3%, resulting in each
of them now owning, directly or indirectly, approximately 7.1%
and 1.7%, respectively, and the Company now has 134,685,648 Filo
Shares issued and outstanding. The Private Placement entails a
dilution of approximately 2.6% of the number of shares and votes in
the Company (calculated as the number of newly issued Filo Shares
divided by the total number of Filo Shares after the Private
Placement). PDF Version
The Private Placement was previously announced concurrently with
Filo announcing that it had entered into a binding arrangement
agreement with the Purchaser Parties whereby the Purchaser Parties
will acquire all of the outstanding Filo Shares that they do not
already own (the "Transaction").
The net proceeds of the Private Placement will be used for
exploration of the Filo del Sol project, general working capital
expenses and general and administration expenses for the period
between announcement and closing of the Transaction, in accordance
with Filo's budget.
The Filo Shares issued under the Private Placement to the
Purchaser Parties will be subject to a hold period expiring on
December 8, 2024. The Private
Placement remains subject to the final approval of the Toronto
Stock Exchange.
About Filo Corp.
Filo 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 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 information was submitted for publication by the contact
persons below on August 7, 2024 at
09:45 am EDT.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking information") within the meaning of applicable
securities legislation. All statements, other than statements of
historical fact, included herein may be forward-looking
statements, including, without limitation, statements relating to
the consummation and timing of the Transaction; the anticipated use
of proceeds of the Private Placement; and discussion of future
plans, projects, objectives, estimates and forecasts and the timing
related to the Transaction. Forward-looking information is
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential",
"possible", and similar expressions, or statements that events,
conditions, or results "will", "may", "could", or "should" occur or
be achieved. These forward-looking statements may also include
statements regarding perceived merit of properties; exploration
plans and budgets; mineral reserves and resource estimates; work
programs; capital expenditures; timelines; strategic plans; market
prices for precious and base metals; or other statements that are
not statements of fact. In addition, statements relating to
"mineral resources" and "mineral reserves" are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the
mineral resources and mineral reserves described can be profitably
produced in the future.
Forward-looking information involves various risks and
uncertainties. There can be no assurance that such information will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such information.
Important factors that could cause actual results to differ
materially from the Company's expectations include failure to
receive the required court and regulatory approvals to effect the
Transaction; changes in laws, regulations and government practices;
the potential of a third party making a superior proposal to the
Transaction; risks pertaining to the outbreak of the global
pandemics; government regulation of mining operations;
environmental risks; and other risks and uncertainties disclosed in
the Company's periodic filings with Canadian securities regulators
and in other Company reports and documents filed with applicable
securities regulatory authorities from time to time, including the
Company's Annual Information Form available under the Company's
profile at www.sedarplus.ca. In addition, these statements involve
assumptions made with regards to the Company's ability to develop
the Filo del Sol project and to achieve the results outlined
in the Technical Report; the ability to raise the capital required
to fund construction and development of the Filo del Sol project;
and the results and impact of future exploration at the Filo del
Sol project. The Company's forward-looking information reflects the
beliefs, opinions, and projections on the date the statements are
made. The Company assumes no obligation to update the
forward-looking information or beliefs, opinions, projections, or
other factors, should they change, except as required by law.
SOURCE Filo Corp.