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FPX Nickel Announces Full Exercise of Participation Right by Corporate Strategic Investor and Completion of Resultant Private Placement
FPX Nickel Announces Full Exercise of Participation Right by Corporate Strategic Investor and Com...
About this update from Fpx Nickel Corp
[{"type":"text","content":"\n \n \n \n FPX Nickel Announces Full Exercise of Participation Right by Corporate Strategic Investor and Completion of Resultant Private Placement\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 June 7, 2023\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 in connection with the\n \n $16 million\n \n strategic investment by Outokumpu Oyj (\"\n \n Outokumpu\n \n \") announced on\n \n May 30, 2023\n \n , 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 (\"\n \n Common Shares\n \n \").\n \n \n \n \n \n \n \n \n \n On\n \n November 29, 2022\n \n , 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 (\"\n \n Private Placement\n \n \") through the issuance of 3,251,184 Common Shares of the Company to the Corporate Strategic Investor at a price of\n \n $0.60\n \n per Common Share, for gross proceeds of\n \n $1,950,710\n \n .\n \n \n \"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\n \n Martin Turenne\n \n , FPX's President and CEO.\n \n \n 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 wel...