trending Market Intelligence /marketintelligence/en/news-insights/trending/sIar3qsEbvl3u7C41tVNfw2 content esgSubNav
In This List

Filo Mining raising C$40M for Filo del Sol copper-gold-silver project


Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion


Insight Weekly: US bank M&A; low refinancing eases rates impact; Texas crypto mining booms


Insight Weekly: US stocks hit grim milestone; top European banks tumble; TMT IPOs plunge


Gold and Copper Summit 2022: Overview of Global Gold Markets in 2022 and Beyond

Filo Mining raising C$40M for Filo del Sol copper-gold-silver project

Filo Mining Corp. entered two agreements to raise an aggregate C$40 million to explore and develop its Filo del Sol copper-gold-silver project straddling the border between Chile and Argentina.

The company said Aug. 12 that it launched a bought-deal offering of 7,275,000 shares at C$2.75 apiece for C$20 million in gross proceeds, with closing expected around Aug. 30. The Lundin Family agreed to purchase about C$5 million of the offering.

The agreement includes a 15% overallotment option which the syndicate of underwriters led by BMO Capital Markets can exercise for 30 days after closing.

The Lundin Family also agreed to buy C$20 million worth of shares at the same price through a concurrent private placement.

Filo Mining will also use some of the net proceeds for working capital and general corporate purposes, as well as to repay outstanding debentures.

A pre-feasibility study completed in January for Filo del Sol outlined an after-tax net present value of US$1.28 billion, discounted at 8%, with a 23% internal rate of return.