Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF)  is pleased to report it has closed its previously announced non-brokered private placement that was upsized on June 2, 2023 due to strong investor demand.

Commenting on the private placement, Jamie Beck, President and CEO stated, “The private placement provided us with an opportunity to raise funds at-market with limited dilution. In addition to the support of the Lundin Family and BHP, the private placement was well supported by institutional investors, including funds and accounts managed by BlackRock. This sets Filo up well for the next phase of drilling as we grow and define this remarkable deposit.”

The Company sold an aggregate of 6,161,138 common shares  of the Company at a price of C$21.10 per Common Share for gross proceeds of C$130 million. Following completion of the Private Placement, the Company has 130,126,834 Common Shares outstanding. In connection with the Private Placement, the Company paid a 5.0% finder’s fee in cash on a portion of the Private Placement. 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.

The Common Shares issued under the Private Placement will be subject to a hold period expiring on October 14, 2023.

Nemesia S.à.r.l. (which reports its holdings with Lorito Holdings S.à.r.l. and Zebra Holdings and Investments S.à.r.l,), an insider of the Company, acquired Common Shares under the Private Placement and such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.  The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Common Shares issued to or the consideration paid by such persons will exceed 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the closing date of the Private Placement due to the limited time between the launch and closing date.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.

About Filo Mining

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. The Company’s shares are listed on the TSX and Nasdaq First North Growth Market under the, and on the OTCQX. Filo Mining is a member of the Lundin Group of Companies.