VANCOUVER, BC, June 7, 2023
/CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB:
FPOCF) ("FPX" or the "Company") is pleased to
announce that in connection with the $16
million strategic investment by Outokumpu Oyj
("Outokumpu") announced on May 30,
2023, the Company's existing Corporate Strategic Investor
has exercised its participation right in full to re-establish a
9.95% ownership of FPX's issued and outstanding common shares
("Common Shares").
On November 29, 2022, FPX
announced a private placement of common shares with the Corporate
Strategic Investor which provided the Corporate Strategic Investor
the right to participate in equity financings to maintain its 9.95%
interest in the Company. In connection with the exercise of the
participation right, the Company has completed an additional
private placement ("Private Placement") through the issuance
of 3,251,184 Common Shares of the Company to the Corporate
Strategic Investor at a price of $0.60 per Common Share, for gross proceeds of
$1,950,710.
"We are very pleased with the continued interest that our
Corporate Strategic Investor has shown in FPX and our Baptiste
Nickel Project, and look forward to the advancement of Baptiste
toward the completion of a preliminary feasibility study and
beyond," said Martin Turenne, FPX's
President and CEO.
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 for
Baptiste, continuance of ongoing environmental baseline
activities, and feasibility study readiness activities, as well as
general corporate and administrative purposes. The TSX Venture
Exchange has provided final acceptance of the Private Placement and
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 were paid on the Private
Placement.
About the Decar Nickel
District
The Company's Decar Nickel District represents a large-scale
greenfield discovery of nickel mineralization in the form of a
naturally occurring nickel-iron alloy called awaruite
(Ni3Fe) hosted in an ultramafic/ophiolite complex. FPX's
mineral claims cover an area of 245 km2 west of the
Middle River and north of Trembleur Lake, in central British Columbia. Awaruite mineralization has
been identified in several target areas within the ophiolite
complex including the Baptiste Deposit and the Van Target, as
confirmed by drilling, petrographic examination, electron probe
analyses and outcrop sampling. Since 2010, approximately US
$28 million has been spent on the
exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste
Deposit has been the focus of increasing resource definition (a
total of 99 holes and 33,700 m of
drilling completed), as well as environmental and engineering
studies to evaluate its potential as a bulk-tonnage open pit mining
project. The Baptiste Deposit is located within the Baptiste Creek
watershed, on the traditional and unceded territory of Tl'azt'en
Nation and Binche Whut'en First Nation, and within several
Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral
exploration activities to date subject to the conditions of our
agreements with the Nations and keyoh holders.
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.For more information, please
view the Company's website
at www.fpxnickel.com or
contact Martin
Turenne, President and CEO, at (604) 681-8600
or ceo@fpxnickel.com.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and
Director
Forward-Looking
Statements
This press release may contain "forward-looking information"
within the meaning of applicable Canadian securities laws,
including those describing FPX's future plans, and the expectations
of management that a stated result or condition will occur. These
statements address future events and conditions and so involve
inherent risks and uncertainties, as disclosed in the Company's
periodic filings with Canadian securities regulators, including its
Annual Information Form and MD&A, dated April 19, 2022 and March
30, 2023, respectively. Actual results could differ
materially from those currently projected by management at the time
of writing due to many factors the majority of which are beyond the
control of FPX and its management. In particular, this news release
contains forward-looking statements pertaining, directly or
indirectly, to the following: the use of proceeds of the Private
Placement and final acceptance by the TSXV. Readers are cautioned
that the foregoing list of risk factors should not be construed as
exhaustive. These statements speak only as of the date of this
release or as of the date specified in the documents accompanying
this release, as the case may be. The Company assume the obligation
to update any forward-looking statement except as expressly
required by applicable securities law
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
SOURCE FPX Nickel Corp.