BHP strategic investment in Filo Mining
On February 28, 2022, Filo Mining Corp. ("Filo Mining") announced a C$100 million non-brokered private placement in which it will issue an aggregate of 6,270,000 common shares to BHP Western Mining Resources International Pty Ltd, a wholly owned subsidiary of BHP Group Limited ("BHP"), at a price of C$15.95 per share, to advance its Filo del Sol Project.
In connection with the private placement, BHP was granted certain participation and top-up rights, allowing BHP to maintain its ownership interest from time to time, provided that such participation rights will not apply to any portion of BHP's ownership interest in excess of a 9.9% undiluted ownership level in Filo Mining. In addition, Filo Mining and BHP agreed to form a joint advisory committee to share expertise, exploration concepts, and discuss future project development.
The private placement closed on March 11, 2022. As a result, BHP now owns approximately 5% of Filo Mining's issued and outstanding common shares (undiluted).
Filo Mining intends to use the proceeds of the private placement for exploration and development of its Filo del Sol project and for working capital and general corporate purposes.
Further information can be found on Canada Newswire’s website.
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.
BHP is a world-leading global resources company, extracting and processing minerals, and oil and gas, with 80,000 employees and contractors, primarily in Australia and the Americas.