10:02 AM EDT, 08/07/2024 (MT Newswires) -- Filo ( FLMMF ) on Wednesday closed its previously announced private placement of near 3.48 million common shares in the capital of the company at $33 per share for near $115 million.

A statement noted the private placement was made pursuant to subscription agreements entered into between Filo ( FLMMF ) and each of BHP and Lundin Mining ( LUNMF ) .

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 134.6 million Filo ( FLMMF ) shares issued and outstanding.

The private placement entails a dilution of approximately 2.6% of the number of shares and votes in the company.

The net proceeds of the private placement will be used for exploration of the Filo ( FLMMF ) 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 ( FLMMF ) budget.

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