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FPX Nickel Establishes Subsidiary Company CO2 Lock Corp. to Pursue Large-Scale, Low-Cost and Permanent Carbon Capture and Storage
FPX Nickel Establishes Subsidiary Company CO2 Lock Corp. to Pursue Large-Scale, Low-Cost ...
About this update from Fpx Nickel Corp
[{"type":"text","content":"\n \n \n \n FPX Nickel Establishes Subsidiary Company CO2 Lock Corp. to Pursue Large-Scale, Low-Cost and Permanent Carbon Capture and Storage\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 March 30, 2022\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 established a new subsidiary company, CO\n \n 2\n \n Lock Corp. (\"\n \n CO\n \n 2\n \n Lock\n \n \"), to pursue opportunities in large-scale, low-cost and permanent carbon capture and storage (\"\n \n CCS\n \n \").  CO\n \n 2\n \n Lock has raised\n \n $1.7 million\n \n in a seed round financing, leaving FPX Nickel with an approximately 76% ownership interest (fully diluted) in CO\n \n 2\n \n Lock, which will proceed with an independent management team in developing carbon sequestration operations in geological settings worldwide with similarities to FPX's Decar Nickel District (\"\n \n Decar\n \n \").\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n FPX establishes an approximate 76% ownership interest (fully diluted) in CO\n \n 2\n \n Lock, which has a cash balance of\n \n $1.7 million\n \n and a fully diluted post-money valuation of\n \n $16.8 million\n \n \n \n CO\n \n 2\n \n Lock will build on five years of laboratory and field research conducted with partners including the\n \n University of British Columbia\n \n (\"\n \n UBC\n \n \") and Natural Resources Canada in understanding the controls for carbon sequestration in the serpentinized peridotites at Decar\n \n \n CO\n \n 2\n \n Lock will operate as a standalone entity from FPX, and will establish ownership interests in prospective mineral tenures, license or advance projects to commercial production and develop intellectual property associated with the operation of carbon sequestration sites worldwide\n \n \n FPX will retain 100% of the carbon credits associated with CCS on its own properties, and will retain a right to use, free of charge, any intellectual p...