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FPX Nickel Announces Settlement of Remaining Debt for Equity
FPX Nickel Announces Settlement of Remaining Debt for Equity Canada NewsWire ...
About this update from Fpx Nickel Corp
[{"type":"text","content":"\n \n \n \n FPX Nickel Announces Settlement of Remaining Debt for Equity\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES\n \n \n OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 20, 2021\n \n /CNW/ - FPX Nickel Corp. (TSXV: FPX)\n \n \n (\"\n \n FPX Nickel\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it intends to convert the full amount of principal and interest owing on the long-term loan provided to the Company by a Private Shareholder (the\n \n \"Private Shareholder Loan\"\n \n ), totalling approximately\n \n $3,453,051\n \n , into 5,312,386 common shares of the Company at a price of\n \n C$0.65\n \n per share (the\n \n \"Debt Conversion\"\n \n ).  On completion of the Debt Conversion, the Private Shareholder Loan will be extinguished and the Company will be debt-free.\n \n \n \n \n \n \n \n \n \n All the securities issued pursuant to the Debt Conversion will be subject to a four (4) month hold period. Completion of the Debt Conversion is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.\n \n \n The terms of the Private Shareholder Loan are described in the Company's news release dated\n \n March 25, 2019\n \n . The Debt Conversion constitutes a \"related party transaction\" under Multilateral Instrument 61-101 –  Protection of Minority Security Holders in Special Transactions (\"\n \n MI 61-101\n \n \") as the Private Shareholder is a related party of FPX Nickel given his greater than 10% beneficial shareholding in the Company. Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the Company is exempt from obtaining a formal valuation and minority approval of the Company's shareholders in respect of the Debt Conversion due to the fair market value of the Debt Conversion being below 25% of the Company's market capitalization.\n \n \n \n About FPX Nickel Corp....