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FPX Nickel Announces Full Exercise of Participation Rights by the Company's Three Strategic Investors and Completion of Resultant Private Placement
FPX Nickel Announces Full Exercise of Participation Rights by the Company's Three Strategic Inves...
About this update from Fpx Nickel Corp
[{"type":"text","content":"\n \n \n \n FPX Nickel Announces Full Exercise of Participation Rights by the Company's Three Strategic Investors 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 Feb. 1, 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 in connection with the\n \n $14.4 million\n \n strategic investment by Sumitomo Metal Mining Canada Ltd. (\"\n \n SMCL\n \n \") which closed on\n \n January 22, 2024\n \n , the Company's three strategic investors have fully exercised their participation rights to re-establish their respective initial ownership interest in FPX's issued and outstanding common shares (\"\n \n Common Shares\n \n \").\n \n \n \n \n \n \n \n \n \n In connection with the exercise of the participation rights, the Company has completed an additional private placement (\"\n \n Private Placement\n \n \") through the issuance of a total of 8,981,971 Common Shares of the Company to the three strategic investors (the Corporate Strategic Investor, Outokumpu Oyj, and SMCL) at a price of\n \n $0.48\n \n per Common Share, for gross proceeds of\n \n $4,311,346\n \n .\n \n \n On completion of the Private Placement, FPX has a cash position of approximately\n \n $45 million\n \n , which the Company estimates to be sufficient to fund its planned activities for 2024 and 2025. Details of the participation by each of the Company's three strategic investors are provided below.\n \n \n \n \n Corporate Strategic Investor\n \n \n \n \n On\n \n December 1, 2022\n \n , FPX closed a private placement of Common Shares with a 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 issued 3,899,053 Common Shares to the Corporate Strategic Investor at a price of\n \n $0.48\n \n per Common Share...