Filo Mining Shares Rise After C$100 Million BHP Investment
February 28 2022 - 10:15AM
Dow Jones News
By Adriano Marchese
Filo Mining Corp. shares rose in early trading on Monday after
it said that mining giant BHP Group Ltd. will invest 100 million
Canadian dollars, roughly US$78.7 million, in the company.
At 9:36 a.m. ET, shares were up 7.6% at C$15.38.
The Canadian mining company said that it will issue 6.3 million
shares at a price of C$15.95 apiece. On Friday, the stock closed at
C$14.30.
At the closing of the private placement, BHP will own around 5%
of Filo Mining's issued and outstanding common shares.
The company said it will use the investment funds to support the
drilling program at Filo del Sol in Chile.
"This secures the next leg of funding required for us to rapidly
expand our exploration plans at Filo del Sol as we define this
remarkable deposit," President and Chief Executive Officer Jamie
Beck said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 28, 2022 10:00 ET (15:00 GMT)
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