Filo Mining raises C$100 million for the Filo del Sol project
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(Kitco News) - Filo Mining (TSX: FIL) announced on Wednesday that it intends to sell on a non-brokered private placement basis, an aggregate of 4,739,337 common shares of the company at a price of C$21.10 per common share for gross proceeds of C$100 million.
In a press release, Filo Mining said that the company's largest shareholders have indicated their intention to participate in 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,” it added.
The company noted that 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.
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.
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