Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF)  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 issued at a price of C$33.00 per share for gross proceeds of C$114,999,984.00. The Private Placement was made pursuant to subscription agreements entered into between Filo and each of BHP and Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI). 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 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. Filo is a member of the Lundin Group of Companies.