On March 11, 2022, Filo Mining Corp. closed a strategic investment by an affiliate of BHP Group Limited. Pursuant to the transaction, Filo Mining issued 6,270,000 common shares to BHP at a price of $15.95 per share for total gross proceeds of approximately $100 million, resulting in BHP owning approximately 5% of Filo Mining’s issued and outstanding shares (on an undiluted basis).
In connection with the investment, BHP was granted certain participation and top-up rights, allowing BHP to maintain its ownership interest from time to time, provided that such rights will not apply to any portion of BHP’s ownership interest in excess of a 9.9% undiluted ownership level in Filo Mining. In addition, the parties agreed to form a joint advisory committee to share expertise, exploration concepts and discuss future project development.
Cassels acted for Filo Mining.