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FPX Nickel Announces $14.4 Million Strategic Equity Investment from Major Global Nickel Producer Sumitomo Metal Mining
FPX Nickel Announces $14.4 Million Strategic Equity Investment from Major Global Nickel Producer ...
About this update from Fpx Nickel Corp
[{"type":"text","content":"\n \n \n \n FPX Nickel Announces $14.4 Million Strategic Equity Investment from Major Global Nickel Producer Sumitomo Metal Mining\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 17, 2024\n \n \n /CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (\"\n \n FPX\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into a subscription agreement for a private placement financing (the \"\n \n Private Placement\n \n \") with a new cornerstone strategic investor, Sumitomo Metal Mining Canada Ltd. (\"\n \n SMCL\n \n \"), a wholly-owned subsidiary of Sumitomo Metal Mining Co., Ltd.\n \n (TSE: 5713\n \n ) (\"\n \n SMM\n \n \").\n \n \n \n \n \n \n \n \n \n Under the terms of the Private Placement, FPX will issue 30,104,488 common shares (\"\n \n Private Placement\n \n \n Common Shares\n \n \") in the capital of the Company to SMCL at a price of\n \n $0.48\n \n per Private Placement Common Share, for gross proceeds of\n \n $14,450,154\n \n . Upon completion of the Private Placement, SMCL will own 9.9% of FPX's issued and outstanding common shares on a non-diluted basis.\n \n \n \"This strategic investment by Sumitomo Metal Mining represents another significant technical validation of FPX's Baptiste Nickel Project (\"\n \n Baptiste\n \n \" or the \"\n \n Project\n \n \"), and underscores our view that Baptiste is a class-leading asset,\" commented\n \n Martin Turenne\n \n , FPX's President and CEO. \"SMM is one of the world's largest nickel producers, with peer-leading expertise in mining, processing and refining products in the stainless steel and electric vehicle battery supply chains. FPX is pleased to be one of SMM's preferred partners as they look to expand their nickel production profile and diversify their supply chain to allied partners in\n \n North America\n \n .\"\n \n \n \n Eiichi Fukuda\n \n , Executive Officer and General Manager of Mineral Resources Division of SMM stated, \"We expect that this investment will establish a strong relationship bet...