Business
FPX Nickel Announces Intention to Complete PEA on Baptiste Nickel Deposit and $1,500,000 Private Placement
VANCOUVER, British Columbia, Feb. 25, 2020 (GLOBE NEWSWIRE) -- FPX Nickel Corp. (FPX-TSX.V) (“FPX Nickel” or the “Company”) is pleased to announce that it has a
About this update from Fpx Nickel Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 25, 2020 (GLOBE NEWSWIRE) -- FPX Nickel Corp. (FPX-TSX.V) (“FPX Nickel” or the “Company”) is pleased to announce that it has appointed BBA Inc. (“BBA”) as lead engineer and consultant for the preparation of an updated National Instrument (“NI”) 43-101 preliminary economic assessment (“PEA”) report on the Company’s Baptiste Deposit at its 100%-owned Decar Nickel District in central British Columbia. Completion of the PEA is expected in the late third quarter or fourth quarter of 2020. “We are pleased to move forward with the preparation of an updated PEA, which we believe has the potential to demonstrate significant improvements over the 2013 PEA on the Baptiste Deposit,” commented Martin Turenne, FPX Nickel’s President and CEO. “The updated PEA will build on internal trade-off studies conducted by the Company incorporating the 2018 NI 43-101 mineral resource estimate and metallurgical improvements achieved in our recent test programs (see the Company’s news releases dated February 26, 2018 and August 6, 2019).” Private Placement The Company further announces that it has arranged a non-brokered private placement to raise gross proceeds of up to $1,500,000 (the “Offering”). The Offering will consist of up to 8,333,333 common shares (the “Shares”) at $0.18 per Share in the capital stock of the Company. Insiders of the Company intend to participate in the Offering. All the securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the Offering is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange. The proceeds raised from the Offering will be used for general working capital purposes and for the early settlement of up to $675,000 in amounts owing under the Company’s long-term debt arrangements. Completion of the updated Baptiste PEA will be funded from the Company’s existing working capital. Dr. Peter Bradshaw, P. Eng., FPX Nickel’s Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release. About the Decar Nickel District The Company’s Decar Nickel District claims cover 245 square kilometres of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Col...