/THIS NEWS RELEASE IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
VANCOUVER, BC, Dec. 2, 2022
/CNW/ - FPX Nickel Corp. (TSXV: FPX), (OTCQB:
FPOCF) ("FPX" or the "Company") is pleased to
announce that it has closed the private placement financing (the
"Private Placement") with a new corporate strategic investor
(the "Strategic Investor"), as previously announced in the
Company's November 29, 2022 news
release.
Under the terms of the Private Placement, FPX has issued
24,000,000 common shares ("Common Shares") in the capital of
the Company to the Strategic Investor at a price of $0.50 per Common Share, for gross proceeds of
$12 million. On completion of the
Private Placement, the Strategic Investor now owns approximately
9.95% of FPX's issued and outstanding Common Shares on a
non-diluted basis.
The Company intends to use the net proceeds of the Private
Placement primarily for development activities at the Project,
including the completion of a preliminary feasibility study and
continuance of ongoing environmental baseline activities, as well
as general corporate purposes. The Common Shares issued pursuant to
the Private Placement are subject to a hold period of four (4)
months and one (1) day from the date of issuance in accordance with
applicable securities laws. No finders' fees or commissions are
payable on the Private Placement.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This news release
does not constitute an offer of securities for sale in the United States. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States absent registration under
United States federal and state
securities laws or an applicable exemption from such United States registration requirements.
About the Decar Nickel
District
The Company's Decar Nickel District claims cover 245
km2 of the Mount Sidney Williams
ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia. The district is a two-hour
drive from Fort St. James on a
high-speed logging road.
Decar hosts a greenfield discovery of nickel mineralization in
the form of a naturally occurring nickel-iron alloy called awaruite
(Ni3Fe), which is amenable to bulk-tonnage, open-pit
mining. Awaruite mineralization has been identified in four target
areas within this ophiolite complex, including the Baptiste
resource, and the B, Sid and Van targets. All four target areas
have been confirmed by drilling, petrographic examination, electron
probe analyses and outcrop sampling. Since 2010, approximately
US$32 million has been spent on the
exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste
deposit, which is the most accessible and has the biggest surface
footprint, has been the focus of diamond drilling since 2010 with a
total of 99 holes and 33,695 m of
drilling completed. The Sid target was tested with two holes in
2010 and the B target had a single hole drilled in 2011; all three
holes intersected nickel-iron alloy mineralization over wide
intervals with DTR nickel grades comparable to the Baptiste
deposit. At the Van target, the Company followed up 2021's highly
successful maiden drilling program with an aggressive step-out
program in the summer of 2022, with results forecast for sequential
release in the fourth quarter of 2022 and first quarter of
2023.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development
of the Decar Nickel District, located in central British Columbia, and other occurrences of the
same unique style of naturally occurring nickel-iron alloy
mineralization known as awaruite.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and
Director
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements
often address expected future business and financial performance,
and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements other than
statements of historical fact included herein including, without
limitation, statements regarding potential quantity
and/or grade of minerals, potential size and expansion of a
mineralized zone, proposed timing of exploration and development
plans, any anticipated benefits to be derived from the Private
Placement, the Company's working capital position on completion of
the Private Placement, and the use of proceeds of the Private
Placement are by their nature forward-looking statements that
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements,
or other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
the following risks: operational risks associated with mineral
exploration; fluctuations in commodity prices; title matters; the
fact that the Private Placement may not close as scheduled or at
all; and the additional risks identified in the annual information
form of the Company or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities regulators.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and the
Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
SOURCE FPX Nickel Corp.